Distinguishing informational cascades from herd behavior in the laboratory

American Economic Review

Volumn 94, Issue 3, 2004, Pages 484-498

  Çelen, Boǧaçhan ^a   Kariv, Shachar ^b  

^a Columbia University ^*  (United States)

^b UNIVERSITY OF CALIFORNIA   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 4043121112     PISSN: 00028282     EISSN: None     Source Type: Journal    
DOI: 10.1257/0002828041464461     Document Type: Article

References (20)

1. Anderson, Lisa R. and Holt, Charles. "Classroom Games: Information Cascades." Journal of Economic Perspectives, Fall 1996, 10(4), pp. 187-93.
2. _. "Information Cascades in the Laboratory." American Economic Review, December 1997, 87(5), pp. 847-62.
3. Aronson, Elliot; Wilson, Timothy D. and Akert, Robin M. Social psychology. New York: Addison Wesley Longman, 1997.
4. Asch, Solomon E. "Effects of Group Pressure upon the Modification and Distortion of Judgements," in Eleanor E. Maccoby, Theodore M. Newcomb, and E. L. Hartley, eds., Readings in social psychology. New York: Holt, Rinehart & Winston, 1958, pp. 174-83.
5. Avery, Christopher and Zemsky, Peter. "Multidimensional Uncertainty and Herd Behavior in Financial Markets." American Economic Review, September 1998, 88(4), pp. 724-48.
6. Banerjee, Abhijit V. "A Simple Model of Herd Behavior." Quarterly Journal of Economics, August 1992, 107(3), pp. 797-817.
7. Bernheim, B. Douglas. "A Theory of Conformity." Journal of Political Economy, October 1994, 102(5), pp. 841-77.
8. Bikhchandani, Sushil; Hirshleifer, David and Welch, Ivo. "A Theory of Fads, Fashion, Custom, and Cultural Change as Informational Cascade." Journal of Political Economy, October 1992, 100(5), pp. 992-1026.
9. _. "Learning from the Behavior of Others: Conformity, Fads, and Informational Cascades." Journal of Economic Perspective, Summer 1998, 12(3), pp. 151-70.
10. Çelen, Boǧaçhan and Kariv, Shachar. "Observational Learning Under Imperfect Information." Games and Economic Behavior, April 2004, 47(1), pp. 72-86.
11. Gale, Douglas. "What Have We Learned from Social Learning?" European Economic Review, April 1996, 40(3-5), pp. 617-28.
12. Hung, Angela A. and Plott, Charles. "Information Cascades: Replication and an Extension to Majority Rule and Conformity-Rewarding Institutions." American Economic Review, December 2001, 91(5), pp. 1508-20.
13. Kennedy, Robert E. "Strategy Fads and Competitive Convergence: An Empirical Test for Herd Behavior in Prime-time Television Programming." Journal of Industrial Economics, March 2002, 50(1), pp. 57-84.
14. Kübler, Dorothea and Weizsäcker, Georg. "Limited Depth of Reasoning and Failure of Cascade Formation in the Laboratory." Review of Economic Studies, April 2004, 71(2), pp. 425-42.
15. Morton, Rebecca B. and Williams, Kenneth C. "Information Asymmetries and Simultaneous versus Sequential Voting." American Political Science Review, March 1999, 93(1), pp. 51-68.
16. Neeman, Zvika and Orosel, Gerhard O. "Herding and the Winner's Curse in Markets with Sequential Bids." Journal of Economic Theory, March 1999, 85(1), pp. 91-121.
17. Scharfstein, David S. and Stein, Jeremy C. "Herd Behavior and Investment." American Economic Review, June 1990, 80(3), pp. 465-79.
18. Smith, Lones and Sørensen, Peter N. "Pathological Outcomes of Observational Learning." Econometrica, March 2000, 68(2), pp. 371-98.
19. Welch, Ivo. "Sequential Sales, Learning and Cascades." Journal of Finance, June 1992, 47(2), pp. 695-732.
20. _. "Herding among Security Analysts." Journal of Financial Economics, December 2000, 58(3), pp. 369-96.