Informational Cascades and Social Conventions

Download or read book Informational Cascades and Social Conventions written by David A. Hirshleifer and published by . This book was released on 2009 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: This entry reviews how the theory of informational cascades (in which an individual's action is independent of his private information signal) explains the conformity, idiosyncrasy, and fragility of social behavior. It considers the effects on social outcomes of fashion leaders and of the public release of information. The entry further discusses the implications of informational cascades in various contexts, including fads, finance, medical practice, peer influence, politics, scientific theory, stigma, and zoology.