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Senior Fellows/Fellows

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Senior Fellows/Fellows

Information Cascades and Social Learning

David HIRSHLEIFER, Ivo WELCH, Omer TAMUZ, Sushil BIKHCHANDANI
An information cascade is a situation in which an agent who observes others chooses the same action irrespective of the value of the agent’s private information signal. Theoretical models have found that cascades result in poor information aggregation, inaccurate decisions, and fragility of mass b...
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