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Information Cascades and Social Learning

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

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

  • Bikhchandani, Sushil & Hirshleifer, David & Tamuz, Omer & Welch, Ivo, 2021. "Information Cascades and Social Learning," MPRA Paper 107927, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:107927
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    Cited by:

    1. Hirshleifer, David & Teoh, Siew Hong, 2008. "Thought and Behavior Contagion in Capital Markets," MPRA Paper 9164, University Library of Munich, Germany.
    2. David Lagziel & Ehud Lehrer, 2021. "Dynamic Screening," Working Papers 2101, Ben-Gurion University of the Negev, Department of Economics.
    3. Zikai Xu, 2022. "Observational Learning with Competitive Prices," Papers 2202.06425, arXiv.org, revised May 2022.
    4. 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.
    5. Aleksei Smirnov & Egor Starkov, 2024. "Designing Social Learning," Papers 2405.05744, arXiv.org, revised Dec 2024.
    6. Orihara, Masanori & Eshraghi, Arman, 2022. "Corporate governance compliance and herding," International Review of Financial Analysis, Elsevier, vol. 80(C).
    7. 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

    Keywords

    Information Cascades; Social Learning; Herding; Fads; Fashion; Conformity; Culture;
    All these keywords.

    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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