Information Cascades and Social Learning

Bikhchandani, Sushil and Hirshleifer, David and Tamuz, Omer and Welch, Ivo (2021): Information Cascades and Social Learning.

Abstract

We review the theory of information cascades and social learning. Our goal is to describe in a relatively integrated and accessible way the more important themes, insights and applications of the literature as it has developed over the last thirty years. We also highlight open questions and promising directions for further theoretical and empirical exploration.

• Item Type: MPRA Paper
• Language: English
• Keywords: Information Cascades, Social Learning, Herding, Fads, Fashion, Conformity, Culture
• Subjects: D - Microeconomics > D0 - General > D03 - Behavioral Microeconomics: Underlying Principles; D - Microeconomics > D7 - Analysis of Collective Decision-Making; D - Microeconomics > D8 - Information, Knowledge, and Uncertainty

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