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Inertia in social learning from a summary statistic
Larson, Nathan - Volkswirtschaftliche Fakultät, … - 2008
We model normal-quadratic social learning with agents who observe a summary statistic over past actions, rather than complete action histories. Because an agent with a summary statistic cannot correct for the fact that earlier actions influenced later ones, even a small presence of old actions...
Persistent link: https://www.econbiz.de/10011260412
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Social learning by chit-chat
Gallo, Edoardo - In: Journal of Economic Theory 153 (2014) C, pp. 313-343
Individuals learn by chit-chatting with others as a by-product of their online and offline activities. Social plugins are an example in the online context: they embed information from a friend, acquaintance or even a stranger on a web page and the information is usually independent of the...
Persistent link: https://www.econbiz.de/10010930792
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Herding And Social Pressure In Trading Tasks: A Behavioural Analysis
Baddeley, M.; Pillas, D.; Christopoulos, Y.; Schultz, W.; … - Faculty of Economics, University of Cambridge - 2007
We extend the experimental literature on Bayesian herding using evidence from a financial decision-making experiment …. We identify significant propensities to herd increasing with the degree of herd-consensus. We test various herding models … significant associations between herding and individual characteristics such as age and personality traits. Overall, our evidence …
Persistent link: https://www.econbiz.de/10005113886
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Endogenously-timed herding and the synchronization of investment cycles
Süssmuth, Bernd - 2000
This paper combines the recent game theoretic approach of endogenous timing of entry to herding models with a … macroeconomic model of investment cycles. The integrated description embodies the qualitative results of the myopic herding model in … recent findings of the herding literature, the stabilization potential of third parties' information revelation is …
Persistent link: https://www.econbiz.de/10010440976
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Information diffusion in networks through social learning
Lobel, Ilan; Sadler, Evan - In: Theoretical economics : TE ; an open access journal in … 10 (2015) 3, pp. 807-851
We study perfect Bayesian equilibria of a sequential social learning model in which agents in a network learn about an underlying state by observing neighbors' choices. In contrast with prior work, we do not assume that the agents' sets of neighbors are mutually independent. We introduce a new...
Persistent link: https://www.econbiz.de/10011673206
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Endogenously-timed Herding and the Synchronization of Investment Cycles
Süssmuth, Bernd - 2000
This paper combines the recent game theoretic approach of endogenous timing of entry to herding models with a … macroeconomic model of investment cycles. The integrated description embodies the qualitative results of the myopic herding model in … recent findings of the herding literature, the stabilization potential of third parties' information revelation is …
Persistent link: https://www.econbiz.de/10010427336
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Information Cascades and Threshold Implementation
Cong, Lin William - 2019
delegate their decisions, leading to uni-directional cascades and preventing agents' herding on rejections. Consequently …
Persistent link: https://www.econbiz.de/10012901141
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Information Cascades and Threshold Implementation
Cong, Lin William - 2019
delegate their decisions, leading to uni-directional cascades and preventing agents' herding on rejections. Consequently …
Persistent link: https://www.econbiz.de/10012891422
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Risk Sensitive Asset Management and Cascading Defaults
Birge, John R. - 2017
We consider an optimal risk-sensitive portfolio allocation problem accounting for the possibility of cascading defaults. Default events have an impact on the distress state of the surviving stocks in the portfolio. We study the recursive system of non-Lipschitz quasi-linear parabolic HJB-PDEs...
Persistent link: https://www.econbiz.de/10012969492
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Sequential Adoption Theory : A Theory for Understanding Herding Behavior in Early Adoption of Novel Technologies
Walden, Eric - 2014
Technology adoption often occurs sequentially, so that later potential adopters can see the decisions (adopt or not adopt) of earlier potential adopters. In this paper we review the literature on observational learning, in which people use information gained by observing the behavior of others...
Persistent link: https://www.econbiz.de/10012750895