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The Blind Leading the Blind: Social Influence, Fads, and Informational Cascades

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  • Hirshleifer, David

Abstract

An informational cascade occurs when it is optimal for an individual, having observed the actions of those ahead of him, to hollow the behavior of the preceding person without regard to his own information. Among the phenomena that can be explained by informational cascades are conformism at specific times and places, error-prone behavior, and fragility of behaviors.

Suggested Citation

  • Hirshleifer, David, 1993. "The Blind Leading the Blind: Social Influence, Fads, and Informational Cascades," University of California at Los Angeles, Anderson Graduate School of Management qt8wz980p5, Anderson Graduate School of Management, UCLA.
    • Handle: RePEc:cdl:anderf:qt8wz980p5
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    Cited by:

    1. Zakaria Babutsidze & Robin Cowan, 2014. "Showing or telling? Local interaction and organization of behavior," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 9(2), pages 151-181, October.
    2. Louis Jaeck, 2011. "Information and political failures: to what extent does rational ignorance explain irrational beliefs formation?," Constitutional Political Economy, Springer, vol. 22(3), pages 287-301, September.
    3. Henry Hsieh, 2005. "The 1990s Taiwan residential construction boom: a supply side interpretation," Construction Management and Economics, Taylor & Francis Journals, vol. 23(3), pages 265-284.
    4. Ababio-Donkor, Augustus & Saleh, Wafaa & Fonzone, Achille, 2020. "The role of personal norms in the choice of mode for commuting," Research in Transportation Economics, Elsevier, vol. 83(C).
    5. Alireza Tourani‐Rad & Stephen Kirkby, 2005. "Investigation of investors' overconfidence, familiarity and socialization," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 45(2), pages 283-300, July.
    6. Babutsidze, Zakaria & Cowan, Robin, 2009. "Inertia, Interaction and Clustering in Demand," MERIT Working Papers 2009-045, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
    7. Mario A. Maggioni, 2004. "The rise and fall of industrial clusters: Technology and the life cycle of region," Working Papers 2004/6, Institut d'Economia de Barcelona (IEB).

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