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Informational Cascades with Continuous Action Spaces

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Author Info

  • Steffen Huck

    (Humboldt University, Berlin)

  • Joerg Oechssler

    (Humboldt University)

Abstract

The recent literature on informational cascades has nurtured the impression that cascades can occur only if the action space is coarser than the signal space. In particular, it is sometimes claimed that with continuous action spaces cascades are impossible. In this note we present a simple counter-example showing that this conclusion is not necessarily warranted.

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File URL: http://128.118.178.162/eps/game/papers/9710/9710002.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Game Theory and Information with number 9710002.

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Length: 6 pages
Date of creation: 13 Oct 1997
Date of revision:
Handle: RePEc:wpa:wuwpga:9710002

Note: pages: 6
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Web page: http://128.118.178.162

Related research

Keywords: herding; cascades; information;

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References

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  1. Vives, X..A., 1995. "Social Learning and Rational Expectations," UFAE and IAE Working Papers 305.95, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
  2. Gul, Faruk & Lundholm, Russell, 1995. "Endogenous Timing and the Clustering of Agents' Decisions," Journal of Political Economy, University of Chicago Press, vol. 103(5), pages 1039-66, October.
  3. Banerjee, Abhijit V, 1992. "A Simple Model of Herd Behavior," The Quarterly Journal of Economics, MIT Press, vol. 107(3), pages 797-817, August.
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Citations

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Cited by:
  1. Antonio Guarino & Philippe Jehie, 2009. "Social Learning with Coarse Inference," Levine's Working Paper Archive 814577000000000292, David K. Levine.
  2. Oberholzer-Gee, Felix, 2008. "Nonemployment stigma as rational herding: A field experiment," Journal of Economic Behavior & Organization, Elsevier, vol. 65(1), pages 30-40, January.
  3. Antonio Guarino & Philippe Jehiel, 2009. "Social Leanring with Course Inference," WEF Working Papers 0050, ESRC World Economy and Finance Research Programme, Birkbeck, University of London.
  4. Efraim Berkovich, 2011. "Search and herding effects in peer-to-peer lending: evidence from prosper.com," Annals of Finance, Springer, vol. 7(3), pages 389-405, August.

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