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Herding Without Following the Herd: The Dynamics of Case-Based Decisions with Local Interactions

In: The Complex Networks of Economic Interactions

Author

Listed:
  • Andreas Krause

    (University of Bath)

Abstract

Summary We use case-based decision theory to evaluate the repeated choices of individuals who are using the experience of a selected set of other individuals over a given time horizon as the basis for their own decisions. It is observed that for certain parameter constellations a large fraction of individuals make identical decisions over a long period of time, which is not implied by the information. The result of this behavior is herding, which, however, has its origin in the way individuals process information rather than a desire to be part of the herd and imitating the behavior of others.

Suggested Citation

  • Andreas Krause, 2006. "Herding Without Following the Herd: The Dynamics of Case-Based Decisions with Local Interactions," Lecture Notes in Economics and Mathematical Systems, in: Akira Namatame & Taisei Kaizouji & Yuuji Aruka (ed.), The Complex Networks of Economic Interactions, pages 179-191, Springer.
    • Handle: RePEc:spr:lnechp:978-3-540-28727-8_12
    DOI: 10.1007/3-540-28727-2_12
    as

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