Learning from the Behavior of Others: Conformity, Fads, and Informational Cascades

Journal of Economic Perspectives - Tập 12 Số 3 - Trang 151-170 - 1998
Sushil Bikhchandani1,2, David Hirshleifer3, Ivo Welch4,2
1Professor of Decision Sciences, Anderson Graduate School of Management, University of California, Los Angeles, California.
2UCLA
3Merwin H. Waterman Professor of Finance, University of Michigan Business School, Ann Arbor, Michigan.
4Professor of Finance, Anderson Graduate School of Management, University of California, Los Angeles, California.

Tóm tắt

Learning by observing the past decisions of others can help explain some otherwise puzzling phenomena about human behavior. For example, why do people tend to converge on similar behavior? Why is mass behavior prone to error and fads? The authors argue that the theory of observational learning, and particularly of informational cascades, has much to offer economics, business strategy, political science, and the study of criminal behavior.

Từ khóa


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Thông tin
Thông tin xuất bản

Journal of Economic Perspectives

Tập 12 Số 3

151-170

Thông tin tác giả