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Rational Herds

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  • Chamley,Christophe P.
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    Abstract

    Penguins jumping off a cliff, economic forecasters and financial advisors speculating against a currency, and farmers using traditional methods in India are all practising social learning. Such learning from the behavior of others may and does lead to herds, crashes, and booms. These issues have become, over the last ten years, an exciting field of research in theoretical and applied economics, finance, and in other social sciences. This 2004 book provides both an informal introduction and in-depth insights into the subject. Each chapter is devoted to a separate issue: individuals learn from the observations of actions, the outcomes of these actions, and from what others say. They may delay or make an immediate decision; they may compete against others or gain from cooperation; they make decisions about investment, crop choices, and financial investments. The book highlights the similarities and the differences between the various cases.

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    Bibliographic Info

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    This book is provided by Cambridge University Press in its series Cambridge Books with number 9780521824019 and published in 2004.

    Order: http://www.cambridge.org/uk/catalogue/catalogue.asp?isbn=9780521824019
    Handle: RePEc:cup:cbooks:9780521824019

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    Web page: http://www.cambridge.org

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    Cited by:
    1. Roger Guesnerie, 2005. "Strategic substitutabilities versus strategic complementarities: Towards a general theory of expectational coordination?," Working Papers halshs-00590856, HAL.
    2. Simon Jurkatis & Stephanie Kremer & Dieter Nautz, 2012. "Correlated Trades and Herd Behavior in the Stock Market," SFB 649 Discussion Papers SFB649DP2012-035, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany.
    3. Guarino, Antonio & Harmgart, Heike & Huck, Steffen, 2011. "Aggregate information cascades," Games and Economic Behavior, Elsevier, vol. 73(1), pages 167-185, September.
    4. Walther, A., 2012. "Asset price manipulation with several traders," Cambridge Working Papers in Economics 1242, Faculty of Economics, University of Cambridge.
    5. Decamps, Jean-Paul & Lovo, Stefano, 2006. "Informational cascades with endogenous prices: The role of risk aversion," Journal of Mathematical Economics, Elsevier, vol. 42(1), pages 109-120, February.
    6. Ippei Fujiwara & Hibiki Ichiue & Yoshiyuki Nakazono & Yosuke Shigemi, 2012. "Financial Markets Forecasts Revisited: Are they Rational, Herding or Bold?," IMES Discussion Paper Series 12-E-06, Institute for Monetary and Economic Studies, Bank of Japan.
    7. Raquel Fernandez, 2009. "Culture as Learning: The Evolution of Female Labor Force Participation over a Century," 2009 Meeting Papers 78, Society for Economic Dynamics.
    8. Jihong Lee & Qingmin Liu, 2009. "Reputation and Repeated Bargaining with a Third Party," 2009 Meeting Papers 151, Society for Economic Dynamics.
    9. Christophe Chamley, 2005. "Complementarities in Information Acquisition with Short-Term Trades," Boston University - Department of Economics - The Institute for Economic Development Working Papers Series dp-156, Boston University - Department of Economics.
    10. Christophe Chamley, 2005. "Complementarities in Information Acquisition with Short-Term Trades," Boston University - Department of Economics - Working Papers Series WP2005-027, Boston University - Department of Economics.

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