What have we learned from social learning?
Year: 1996
Type: article
Abstract: Models of herd behavior and informational cascades often make strong assumptions about the information available to agents, the nature of the choices being made, the timing of decisions, and the symmetry of equilibrium. This note considers the robustness of some results from the literature on social learning and argues that the inefficiency of equilibrium in the presence of informational externalities and strategic delay may be the most important lesson of all.
Source: European Economic Review
Author: Douglas Gale
Institution: Boston University
Language: English
Topic: Game Theory and Applications
Field: Decision Sciences
Domain: Social Sciences
Open Access status: hybrid
Estimated APC paid: $3,690
OpenAlex ID: W2153886403