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A Theory of Fads, Fashion, Custom, and Cultural Change as Informational Cascades
Sushil Bikhchandani University of California, Los Angeles - Anderson School of Management Ivo Welch Brown University - Department of Economics; National Bureau of Economic Research (NBER) David A. Hirshleifer University of California, Irvine - Paul Merage School of Business Journal of Political Economy, Vol. 100, No. 5, pp. 992-1026, October 1992 Abstract: An informational cascade occurs when it is optimal for an individual, having observed the actions of those ahead of him, to follow the behavior of the preceding individual without regard to his own information. We argue that localized conformity of behavior and the fragility of mass behaviors can be explained by informational cascades. Accepted Paper Series Date posted: December 01, 2008 ; Last revised: May 18, 2009Suggested CitationContact Information
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