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Distinguishing Informational Cascades from Herd Behavior in the Laboratory
Abstract
This paper reports an experimental test of how individuals learn from the behavior of others. By using techniques only available in the laboratory, we elicit subjects' beliefs. This allows us to distinguish informational cascades from herd behavior. By adding a setup with continuous signal and discrete action, we enrich the ball-andurn observational learning experiments paradigm of Lisa R. Anderson and Charles Holt (1997). We attempt to understand subjects' behavior by estimating a model that allows for the possibility of errors in earlier decisions.
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Citations
Cited by
Social Influence Bias: A Randomized Experiment
Muchnik, L., Aral, S., & Taylor, S. J. (2013) · Science · doi:10.1126/science.1240466 · Cited by 892
Bayesian Learning in Social Networks
Acemoglu, D., Dahleh, M. A., Lobel, I., & Ozdaglar, A. (2011) · The Review of Economic Studies · doi:10.1093/restud/rdr004 · Cited by 754
(2014) · Econometrica · doi:10.3982/ecta11991 · Cited by 586
Spread of (mis)information in social networks
Acemoglu, D., Ozdaglar, A., & ParandehGheibi, A. (2010) · Games and Economic Behavior · doi:10.1016/j.geb.2010.01.005 · Cited by 444
A Longitudinal Study of Herd Behavior in the Adoption and Continued Use of Technology1
Sun, H. (2013) · MIS Quarterly · doi:10.25300/misq/2013/37.4.02 · Cited by 375
Metadata
- Authors
- Çelen, B., & Kariv, S.
- Venue
- American Economic Review
- Publisher
- American Economic Association
- Published
- 2004-05-01
- Volume
- 94
- Issue
- 3
- Pages
- 484-498
- ISSN
- 0002-8282 (ISSN-L)
- OpenAlex
- W2031798454
- Cited by
- 367
- References
- 0
- FWCI
- 36.22
- Type
- journal article
- Language
- en
- Open access
- closed
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
