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Information Cascades and Social Learning

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

Abstract

Social learning is the updating of beliefs based on the observation of others. It can lead to efficient aggregation of information, but also to inaccurate decisions, fragility of mass behaviors, and, in the case of information cascades, to complete blockage of learning. We review the theory of information cascades and social learning, and discuss important themes, insights and applications of this 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," NBER Working Papers 28887, National Bureau of Economic Research, Inc.
  • Handle: RePEc:nbr:nberwo:28887
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    3. Zikai Xu, 2022. "Observational Learning with Competitive Prices," Papers 2202.06425, arXiv.org, revised May 2022.
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    5. Orihara, Masanori & Eshraghi, Arman, 2022. "Corporate governance compliance and herding," International Review of Financial Analysis, Elsevier, vol. 80(C).
    6. Moran Koren, 2023. "The Gatekeeper Effect: The Implications of Pre-Screening, Self-selection, and Bias for Hiring Processes," Papers 2312.17167, arXiv.org.

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    More about this item

    JEL classification:

    • D7 - Microeconomics - - Analysis of Collective Decision-Making
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty
    • D9 - Microeconomics - - Micro-Based Behavioral Economics

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