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Modelo de manadas y aprendizaje social

Author

Listed:
  • Juan Pablo Herrera

    (Universidad Externado de Colombia)

  • Francisco Lozano Gerena

    (Universidad Nacional de Colombia)

Abstract

One of the most frequent questions asked by economists is how individual members of societies make choices. It can be observed that economic agents imitate other agents’ actions. It should be asked why rational people choose to imitate other’s behaviour and make decisions that are not based on their own private information. Bikhchandani, Hirshleifer and Welch (1992) showed that fully rational agents, who understand the history of decision making, can generate this kind of behaviour. An important feature of this model is that once individuals begin to imitate others, the social learning process is halted. This paper shows that social learning occurs if agents have a continuum set of actions to choose from or if they just have a sample of the history. It also shows that this type of learning can occur within a herd.

Suggested Citation

  • Juan Pablo Herrera & Francisco Lozano Gerena, 2005. "Modelo de manadas y aprendizaje social," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 7(13), pages 133-157, July-Dece.
    • Handle: RePEc:rei:ecoins:v:7:y:2005:i:13:p:133-157
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    File URL: http://www.uexternado.edu.co/facecono/ecoinstitucional/workingpapers/jherrera13.pdf
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    References listed on IDEAS

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    More about this item

    Keywords

    herds; social learning; Bayesian update;
    All these keywords.

    JEL classification:

    • C11 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Bayesian Analysis: General
    • D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness

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