The effect of feedback consistency on success in markets with positive feedbacks
In this paper, we show how the finite time expected outcomes in a stochastic ball and urn model depend on the variation in feedbacks by applying the concept of second order stochastic dominance to the feedback distribution. We find that less variation leads to greater expected outcomes.
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- Angela A. Hung & Charles R. Plott, 2001.
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- Anderson, Lisa R & Holt, Charles A, 1997. "Information Cascades in the Laboratory," American Economic Review, American Economic Association, vol. 87(5), pages 847-862, December.
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- Kevin B. Hendricks & Vinod R. Singhal, 1997. "Does Implementing an Effective TQM Program Actually Improve Operating Performance? Empirical Evidence from Firms That Have Won Quality Awards," Management Science, INFORMS, vol. 43(9), pages 1258-1274, September.
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