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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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    Cited by:

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    3. Zikai Xu, 2022. "Observational Learning with Competitive Prices," Papers 2202.06425, arXiv.org, revised May 2022.
    4. Hirshleifer, David & Teoh, Siew Hong, 2008. "Thought and Behavior Contagion in Capital Markets," MPRA Paper 9142, University Library of Munich, Germany.
    5. Xuejun Jin & Jiawei Yu, 2022. "Does communication increase investors’ trading frequency? Evidence from a Chinese social trading platform," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 8(1), pages 1-32, December.
    6. Moran Koren, 2023. "The Gatekeeper Effect: The Implications of Pre-Screening, Self-selection, and Bias for Hiring Processes," Papers 2312.17167, arXiv.org.
    7. Aleksei Smirnov & Egor Starkov, 2024. "Designing Social Learning," Papers 2405.05744, arXiv.org, revised Dec 2024.

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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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