Social learning in a changing world
In the social learning model of Banerjee  and Bikhchandani, Hirshleifer and Welch  individuals take actions 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 learning 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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Volume (Year): 11 (1998)
Issue (Month): 3 ()
|Note:||Received: December 5, 1996; revised version: February 11, 1997|
|Contact details of provider:|| Web page: http://www.springer.com|
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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.:
- Giuseppe Moscarin & Marco Ottaviani & Lones Smith, .
"Social Learning in a Changing World,"
ELSE working papers
010, ESRC Centre on Economics Learning and Social Evolution.
- Godfrey Keller & Sven Rady, 1998.
"Optimal Experimentation in a Changing Environment,"
Game Theory and Information
- Abhijit V. Banerjee, 1992. "A Simple Model of Herd Behavior," The Quarterly Journal of Economics, Oxford University Press, vol. 107(3), pages 797-817.
- Smith, L. & Sorensen, P., 1996.
"Pathological Outcomes of Observational Learning,"
115, Economics Group, Nuffield College, University of Oxford.
- RUSTICHINI, Aldo & WOLINSKY , Asher, 1993.
"Learning about Variable Demand in the Long Run,"
CORE Discussion Papers
1993017, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
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