Information Cascades and Social Learning
133 Pages Posted: 24 May 2021
Date Written: May 23, 2021
We review the theory of information cascades and social learning. Our goal is to describe in a relatively integrated and accessible way the more important themes, insights and applications of the literature as it has developed over the last thirty years. We also highlight open questions and promising directions for further theoretical and empirical exploration.
Keywords: Information Cascades, Social Learning, Herding, Fads, Fashion, Conformity, Culture
JEL Classification: D8, D7, D9
Suggested Citation: Suggested Citation