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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- Smith, L, 1996.
"Social Learning in a Changing World,"
96-34, Massachusetts Institute of Technology (MIT), Department of Economics.
- Lones Smith & Peter Sorensen, 2000.
"Pathological Outcomes of Observational Learning,"
Econometric Society, vol. 68(2), pages 371-398, March.
- Smith, L. & Sorensen, P., 1996. "Pathological Outcomes of Observational Learning," Economics Papers 115, Economics Group, Nuffield College, University of Oxford.
- Smith, L. & Sorensen, P., 1996. "Pathological Outcomes of Observational Learning," Working papers 96-19, Massachusetts Institute of Technology (MIT), Department of Economics.
- Aldo Rustichini & Asher Wolinsky, 1992.
"Learning about Variable Demand in the Long Run,"
1015, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Godfrey Keller & Sven Rady, 1998.
"Optimal Experimentation in a Changing Environment,"
Game Theory and Information
- Banerjee, Abhijit V, 1992. "A Simple Model of Herd Behavior," The Quarterly Journal of Economics, MIT Press, vol. 107(3), pages 797-817, August.
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