Learning from the Behavior of Others: Conformity, Fads, and Informational Cascades

Learning from the Behavior of Others: Conformity, Fads, and Informational Cascades Abstract Learning by observing the past decisions of others can help explain some otherwise puzzling phenomena about human behavior. For example, why do people tend to converge on similar behavior? Why is mass behavior prone to error and fads? The authors argue that the theory of observational learning, and particularly of informational cascades, has much to offer economics, business strategy, political science, and the study of criminal behavior. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Economic Perspectives American Economic Association

Learning from the Behavior of Others: Conformity, Fads, and Informational Cascades

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Publisher
American Economic Association
Copyright
Copyright © 1998 by the American Economic Association
Subject
Articles
ISSN
0895-3309
DOI
10.1257/jep.12.3.151
Publisher site
See Article on Publisher Site

Abstract

Abstract Learning by observing the past decisions of others can help explain some otherwise puzzling phenomena about human behavior. For example, why do people tend to converge on similar behavior? Why is mass behavior prone to error and fads? The authors argue that the theory of observational learning, and particularly of informational cascades, has much to offer economics, business strategy, political science, and the study of criminal behavior.

Journal

Journal of Economic PerspectivesAmerican Economic Association

Published: Aug 1, 1998

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