Social Learning in a Changing World

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Social Learning in a Changing World

Author Info

Smith, L

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Lones Smith

Abstract

In the social learning model of Banerjee and Bikhchandani, Hirshleiger and Welch, individuals take action sequentially after observing the history of actions taken by the predecessors and an informative private signal. If the state of the world is changing stochastically over time during the learing process, only temporary informational cascades - situations where socially valuable information is wasted - can arise. Furthermore, no cascade ever arises when the environment changes in a sufficiently unpredictable way.

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Publisher Info
Paper provided by Massachusetts Institute of Technology (MIT), Department of Economics in its series Working papers with number 96-34.

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Length: 11 pages
Date of creation: 1996
Date of revision:
Handle: RePEc:mit:worpap:96-34

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Related research
Keywords: LEARNING;

Other versions of this item:

Article
- Marco Ottaviani & Giuseppe Moscarini & Lones Smith, 1998. "Social learning in a changing world," Economic Theory, Springer, vol. 11(3), pages 657-665. [Downloadable!] (restricted)
Paper
- Giuseppe Moscarin & Marco Ottaviani & Lones Smith, . "Social Learning in a Changing World," ELSE working papers 010, ESRC Centre on Economics Learning and Social Evolution. [Downloadable!]

Find related papers by JEL classification:
D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

Marco Ottaviani & Giuseppe Moscarini & Lones Smith, 1998. "Social learning in a changing world," Economic Theory, Springer, vol. 11(3), pages 657-665. [Downloadable!] (restricted)
Other versions:
- Giuseppe Moscarin & Marco Ottaviani & Lones Smith, . "Social Learning in a Changing World," ELSE working papers 010, ESRC Centre on Economics Learning and Social Evolution. [Downloadable!]
- Smith, L, 1996. "Social Learning in a Changing World," Working papers 96-34, Massachusetts Institute of Technology (MIT), Department of Economics.
Banerjee, Abhijit V, 1992. "A Simple Model of Herd Behavior," The Quarterly Journal of Economics, MIT Press, vol. 107(3), pages 797-817, August. [Downloadable!] (restricted)
Godfrey Keller & Sven Rady, 1997. "Optimal Experimentation in a Changing Environment," STICERD - Theoretical Economics Paper Series 333, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE.
Other versions:
- Godfrey Keller & Sven Rady, 1998. "Optimal Experimentation in a Changing Environment," Game Theory and Information 9801001, EconWPA. [Downloadable!]
- Keller, Godfrey & Rady, Sven, 1999. "Optimal Experimentation in a Changing Environment," Review of Economic Studies, Blackwell Publishing, vol. 66(3), pages 475-507, July. [Downloadable!] (restricted)
Lones Smith & Peter Sorensen, 2000. "Pathological Outcomes of Observational Learning," Econometrica, Econometric Society, vol. 68(2), pages 371-398, March.
Other versions:
- Smith, L. & Sorensen, P., 1996. "Pathological Outcomes of Observational Learning," Working papers 96-19, Massachusetts Institute of Technology (MIT), Department of Economics.
- Smith, L. & Sorensen, P., 1996. "Pathological Outcomes of Observational Learning," Economics Papers 115, Economics Group, Nuffield College, University of Oxford.
Rustichini, Aldo & Wolinsky, Asher, 1995. "Learning about variable demand in the long run," Journal of Economic Dynamics and Control, Elsevier, vol. 19(5-7), pages 1283-1292. [Downloadable!] (restricted)

Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

Marcel Boyer & Séverine Clamens, 1997. "Strategic Adoption of a New Technology under Uncertain Implementation," CIRANO Working Papers 97s-40, CIRANO. [Downloadable!]
Shachar Kariv, 2005. "Overconfidence and Informational Cascades," Levine's Bibliography 122247000000000406, UCLA Department of Economics. [Downloadable!]
Celen, Bogachan & Hyndman, Kyle, 2006. "Endogenous Network Formation In the Laboratory," MPRA Paper 1440, University Library of Munich, Germany. [Downloadable!]
Other versions:
- Bogachan Celen & Kyle Hyndman, 2007. "Endogenous Network Formation in the Laboratory," Departmental Working Papers 0701, Southern Methodist University, Department of Economics. [Downloadable!]
Hirshleifer, David & Teoh, Siew Hong, 2008. "Thought and Behavior Contagion in Capital Markets," MPRA Paper 9164, University Library of Munich, Germany. [Downloadable!]
Other versions:
- Hirshleifer, David & Teoh, Siew Hong, 2008. "Thought and Behavior Contagion in Capital Markets," MPRA Paper 9142, University Library of Munich, Germany. [Downloadable!]
David Hirshleifer & Ivo Welch, 2001. "An Economic Approach to the Psychology of Change: Amnesia, Inertia, and Impulsiveness," Cowles Foundation Discussion Papers 1306, Cowles Foundation, Yale University. [Downloadable!]
Other versions:
- Ivo Welch & David A. Hirshleifer, 2001. "An Economic Approach to the Psychology of Change: Amnesia, Inertia, and Impulsiveness," Yale School of Management Working Papers ysm185, Yale School of Management. [Downloadable!]
- David Hirshleifer & Ivo Welch, 2002. "An Economic Approach to the Psychology of Change: Amnesia, Inertia, and Impulsiveness," Journal of Economics & Management Strategy, Blackwell Publishing, vol. 11(3), pages 379-421, 09. [Downloadable!] (restricted)
Francesco Squintani & Juuso Valimaki, 1999. "Imitation and Experimentation in a Changing Environment," Discussion Papers 1275, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
Anderlini, Luca & Gerardi, Dino & Lagunoff, Roger, 2008. "Communication and Learning," Working Papers 37, Yale University, Department of Economics. [Downloadable!]
Other versions:
- Luca Anderlini & Dino Gerardi & Roger Lagunoff, 2008. "Communication and Learning," Cowles Foundation Discussion Papers 1639, Cowles Foundation, Yale University. [Downloadable!]
- Luca Anderlini & Dino Gerardi & Roger Lagunoff, 2008. "Communication and Learning," Levine's Bibliography 122247000000001868, UCLA Department of Economics. [Downloadable!]
- Luca Anderlini & Dino Gerardi & Roger Lagunoff, 2008. "Communication and Learning," Carlo Alberto Notebooks 82, Collegio Carlo Alberto. [Downloadable!]
- Roger Lagunoff & Dino Gerardi & Luca Anderlini, 2008. "Communication and Learning," Working Papers gueconwpa~08-08-01, Georgetown University, Department of Economics. [Downloadable!]
Dominic Rohner & Anna Winestein & Bruno S. Frey, 2006. "Ich bin auch ein Lemming: Herding and Consumption Capital in Arts and Culture," CREMA Working Paper Series 2006-05, Center for Research in Economics, Management and the Arts (CREMA). [Downloadable!]
Other versions:
- Dominic Rohner & Anna Winestein & Bruno S. Frey, 2006. "Ich Bin Auch ein Lemming: Herding and Consumption Capital in Arts and Culture," IEW - Working Papers iewwp270, Institute for Empirical Research in Economics - IEW. [Downloadable!]
Giuseppe Moscarin & Marco Ottaviani & Lones Smith, . "Social Learning in a Changing World," ELSE working papers 010, ESRC Centre on Economics Learning and Social Evolution. [Downloadable!]
Other versions:
- Smith, L, 1996. "Social Learning in a Changing World," Working papers 96-34, Massachusetts Institute of Technology (MIT), Department of Economics.
- Marco Ottaviani & Giuseppe Moscarini & Lones Smith, 1998. "Social learning in a changing world," Economic Theory, Springer, vol. 11(3), pages 657-665. [Downloadable!] (restricted)
Luca Anderlini & Dino Gerardi & Roger Lagunoff, 2007. "Social Memory and Evidence from the Past," Working Papers gueconwpa~07-07-01, Georgetown University, Department of Economics. [Downloadable!]
Other versions:
- Luca Anderlini & Dino Gerardi & Roger Lagunoff, 2007. "Social Memory and Evidence from the Past," Cowles Foundation Discussion Papers 1601, Cowles Foundation, Yale University. [Downloadable!]
- Luca Anderlini & Dino Gerardi & Roger Lagunoff, 2007. "Social Memory and Evidence from the Past," Levine's Bibliography 321307000000000850, UCLA Department of Economics. [Downloadable!]

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