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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, 2009

Suggested Citation

Bikhchandani, Sushil, Welch, Ivo and Hirshleifer, David A., A Theory of Fads, Fashion, Custom, and Cultural Change as Informational Cascades (March 1992). Journal of Political Economy, Vol. 100, No. 5, pp. 992-1026, October 1992. Available at SSRN: http://ssrn.com/abstract=1286306


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Contact Information

David A. Hirshleifer (Contact Author)
University of California, Irvine - Paul Merage School of Business ( email )
Irvine, CA 92697-3125
United States
Sushil Bikhchandani
University of California, Los Angeles - Anderson School of Management ( email )
Policy Area
110 Westwood Plaza
Los Angeles, CA 90095
United States
310-206-2686 (Phone)
310-825-1581 (Fax)
Ivo Welch
Brown University - Department of Economics ( email )
64 Waterman Street
Providence, RI 02912
United States
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
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