Advanced Search
MyIDEAS: Login to save this article or follow this journal

On bubbling dynamics generated by a stochastic model of herd behavior

Contents:

Author Info

  • Enrico Zaninotto

    (Dipartimento di Informatica e Studi Aziendali, Universit, di Trento, Via Inama 4, 38100 Trento, Italy)

  • Yuri M. Kaniovski

    ()
    (School of Economics, Free University of Bozen-Bolzano, Via Sernesi 1, 39100 Bolzano, Italy)

  • Loris Gaio

    (Dipartimento di Informatica e Studi Aziendali, Universit, di Trento, Via Inama 4, 38100 Trento, Italy)

Abstract

This paper suggests a class of stochastic collective learning processes exhibiting very irregular behavior. In particular, there are multimodal long run distributions. Some of these modes may vanish as the population size increases. This may be thought of as "bubbles" persistent for a finite range of population sizes but disappearing in the limit. The limit distribution proves to be a discontinuous function of parameters determining the learning process. This gives rise to another type of "bubbles": limit outcomes corresponding to small perturbations of parameters are different. Since an agent's decision rule involves imitation of the majority choice in a random sample of other members of the population, the resulting collective dynamics exhibit "herding" or "epidemic" features.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://link.springer.de/link/service/journals/00191/papers/2012005/20120525.pdf
Download Restriction: Access to the full text of the articles in this series is restricted

As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

Bibliographic Info

Article provided by Springer in its journal Journal of Evolutionary Economics.

Volume (Year): 12 (2002)
Issue (Month): 5 ()
Pages: 525-538

as in new window
Handle: RePEc:spr:joevec:v:12:y:2002:i:5:p:525-538

Contact details of provider:
Web page: http://link.springer.de/link/service/journals/00191/index.htm

Order Information:
Web: http://link.springer.de/orders.htm

Related research

Keywords: Herd behavior - Markov chain - Bubbling dynamics;

Other versions of this item:

References

No references listed on IDEAS
You can help add them by filling out this form.

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
  1. Mark Bowden & Stuart McDonald, 2008. "The Impact of Interaction and Social Learning on Aggregate Expectations," Computational Economics, Society for Computational Economics, vol. 31(3), pages 289-306, April.

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:spr:joevec:v:12:y:2002:i:5:p:525-538. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Guenther Eichhorn) or (Christopher F Baum).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.