We prove that the recently proposed informational herding models are but special cases of a standard single person experimentation model with myopia. We then re-interpret the incorrect herding outcome as a familiar failure of complete learning in an optimal experimentation problem.
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Paper provided by Massachusetts Institute of Technology (MIT), Department of Economics in its series Working papers with number
96-9.
Length: 15 pages Date of creation: 1996 Date of revision: Handle: RePEc:mit:worpap:96-9
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Find related papers by JEL classification: C00 - Mathematical and Quantitative Methods - - General - - - General C90 - Mathematical and Quantitative Methods - - Design of Experiments - - - General C99 - Mathematical and Quantitative Methods - - Design of Experiments - - - Other