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Modelo de manadas y aprendizaje social

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Author Info

  • Juan Pablo Herrera

    ()
    (Universidad Externado de Colombia)

  • Francisco Lozano Gerena

    ()
    (Universidad Nacional de Colombia)

Abstract

One of the most frequent questions asked by economists is how individual members of societies make choices. It can be observed that economic agents imitate other agents’ actions. It should be asked why rational people choose to imitate other’s behaviour and make decisions that are not based on their own private information. Bikhchandani, Hirshleifer and Welch (1992) showed that fully rational agents, who understand the history of decision making, can generate this kind of behaviour. An important feature of this model is that once individuals begin to imitate others, the social learning process is halted. This paper shows that social learning occurs if agents have a continuum set of actions to choose from or if they just have a sample of the history. It also shows that this type of learning can occur within a herd.

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Bibliographic Info

Article provided by Universidad Externado de Colombia - Facultad de Economía in its journal Revista de Economía Institucional.

Volume (Year): 7 (2005)
Issue (Month): 13 (July-December)
Pages: 133-157

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Handle: RePEc:rei:ecoins:v:7:y:2005:i:13:p:133-157

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Related research

Keywords: herds; social learning; Bayesian update;

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References

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  1. Bikhchandani, Sushil & Hirshleifer, David & Welch, Ivo, 1992. "A Theory of Fads, Fashion, Custom, and Cultural Change in Informational Cascades," Journal of Political Economy, University of Chicago Press, vol. 100(5), pages 992-1026, October.
  2. Vives, Xavier, 1993. "How Fast Do Rational Agents Learn?," Review of Economic Studies, Wiley Blackwell, vol. 60(2), pages 329-47, April.
  3. Abhijit Banerjee & Drew Fudenberg, 2010. "Word of Mouth Learning," Levine's Working Paper Archive 723, David K. Levine.
  4. Anderson, Lisa R & Holt, Charles A, 1997. "Information Cascades in the Laboratory," American Economic Review, American Economic Association, vol. 87(5), pages 847-62, December.
  5. Huck, Steffen & Oechssler, Jorg, 2000. "Informational cascades in the laboratory: Do they occur for the right reasons?," Journal of Economic Psychology, Elsevier, vol. 21(6), pages 661-671, December.
  6. Smith, L. & Sorensen, P., 1996. "Pathological Outcomes of Observational Learning," Economics Papers 115, Economics Group, Nuffield College, University of Oxford.
  7. Simon, Herbert A, 1978. "Rationality as Process and as Product of Thought," American Economic Review, American Economic Association, vol. 68(2), pages 1-16, May.
  8. Charles A. Holt & Lisa R. Anderson, 1996. "Classroom Games: Understanding Bayes' Rule," Journal of Economic Perspectives, American Economic Association, vol. 10(2), pages 179-187, Spring.
  9. Banerjee, Abhijit V, 1992. "A Simple Model of Herd Behavior," The Quarterly Journal of Economics, MIT Press, vol. 107(3), pages 797-817, August.
  10. Salop, Steven C, 1987. "Evaluating Uncertain Evidence with Sir Thomas Bayes: A Note for Teachers," Journal of Economic Perspectives, American Economic Association, vol. 1(1), pages 155-59, Summer.
  11. Luthans, Fred, 1973. "The contingency theory of management : A path out of the jungle," Business Horizons, Elsevier, vol. 16(3), pages 67-72, June.
  12. Prendergast, Canice & Stole, Lars, 1996. "Impetuous Youngsters and Jaded Old-Timers: Acquiring a Reputation for Learning," Journal of Political Economy, University of Chicago Press, vol. 104(6), pages 1105-34, December.
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