Social Learning in a Changing World
In the social learning model of Banerjee and Bikhchandani, Hirshleiger and Welch, individuals take action 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 learing 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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|Date of creation:||1996|
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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.:
- Smith, L. & Sorensen, P., 1996.
"Pathological Outcomes of Observational Learning,"
96-19, Massachusetts Institute of Technology (MIT), Department of Economics.
- Marco Ottaviani & Giuseppe Moscarini & Lones Smith, 1998.
"Social learning in a changing world,"
Springer;Society for the Advancement of Economic Theory (SAET), vol. 11(3), pages 657-665.
- Smith, L, 1996. "Social Learning in a Changing World," Working papers 96-34, Massachusetts Institute of Technology (MIT), Department of Economics.
- Giuseppe Moscarin & Marco Ottaviani & Lones Smith, . "Social Learning in a Changing World," ELSE working papers 010, ESRC Centre on Economics Learning and Social Evolution.
- 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).
- Godfrey Keller & Sven Rady, 1997.
"Optimal Experimentation in a Changing Environment,"
STICERD - Theoretical Economics Paper Series
333, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE.
- Abhijit V. Banerjee, 1992. "A Simple Model of Herd Behavior," The Quarterly Journal of Economics, Oxford University Press, vol. 107(3), pages 797-817.
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