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Information Cascades and Social Learning

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  • Sushil Bikhchandani
  • David Hirshleifer
  • Omer Tamuz
  • Ivo Welch

Abstract

We review the theory of information cascades and social learning. Our goal is to describe in a relatively integrated and accessible way the more important themes, insights and applications of the literature as it has developed over the last thirty years. We also highlight open questions and promising directions for further theoretical and empirical exploration.

Suggested Citation

  • Sushil Bikhchandani & David Hirshleifer & Omer Tamuz & Ivo Welch, 2021. "Information Cascades and Social Learning," Papers 2105.11044, arXiv.org.
  • Handle: RePEc:arx:papers:2105.11044
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    More about this item

    JEL classification:

    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles
    • D7 - Microeconomics - - Analysis of Collective Decision-Making
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty

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