On the Convergence of Informational Cascades

Journal of Economic Theory

Volumn 61, Issue 2, 1993, Pages 395-411

  Lee, In Ho ^a  

^a UNIVERSITY OF CALIFORNIA   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 0000149467     PISSN: 00220531     EISSN: 10957235     Source Type: Journal    
DOI: 10.1006/jeth.1993.1074     Document Type: Article

References (11)

1. A. V. Banerjee, A simple model of herd behavior, mimeo, Princeton University, 1990.
2. S. Bikhchandani, D. Hirshleifer, and I. Welch, A theory of fads, fashions, customs and cultural change as informational cascades, J. Polit. Econ. (1992), in press.
3. K. L. Chung, “A Course in Probability Theory, ” 2nd ed., Academic Press, New York, 1974.
4. M. H. DeGroot, “Optimal Statistical Decisions, ” McGraw-Hill, New York, 1970. 'See Welch [9] for an interesting discussion of the phenomenon.
5. R. P. Dorfman, P. Samuelson, and R. Solow, “Linear Programming and Economic Analysis, " McGraw-Hill, New York, 1958.
6. R. D. McKelvey and T. Page, Common knowledge, consensus, and aggregate information, Economelrica 54 (1986), 109-127.
7. P. R. Milgrom, A convergence theorem for competitive bidding with differential information, Economelrica 47 (1979), 679-688.
8. D. Scharfstein and J. Stein, Herd behavior and investment, Amer. Econ. Rev. 80 (1990), 465-479.
9. I. Welch, “Sequential Sales, Learning and Cascades, ” UCLA AGSM Working paper No. 20-89, 1991.
10. R. L. Wheeden and A. Zygmund, “Measure and Integral, ” Dekker, New York/Basel, 1977.
11. V. Zarnowitz, “Has Macro-Forecasting Failed?” NBER Working paper No. 3867, 1991.