GOEREE, JACOB K.; PALFREY, THOMAS R.; ROGERS, BRIAN W.; … - In: Review of Economic Studies 74 (2007) 3, pp. 733-762
We report experimental results from long sequences of decisions in environments that are theoretically prone to severe information cascades. Observed behaviour is much different-information cascades are ephemeral. We study the implications of a theoretical model based on quantal response...