We designed four observational learning experiments to identify the key channels that, along with Bayes …-rational inferences, drive herd behavior. In Experiment 1, unobserved, whose actions remain private, learn from the public actions made in … observational learning accounts for the phenomenon of excessive herding, it captures well herd behavior with medium quality signals …

sequence of messages and the order in which the messages are shown to a user. We refer to this online learning task as the …