Rational Herds: Economic Models of Social Learning

ISBN-13: 9780521824019 / Angielski / Twarda / 2003 / 418 str.

Christophe Chamley

Opis

Social learning involves individuals learning from the behavior of others and may lead to spectacular outcomes such as herding, fads, frenzies, crashes, and booms. Providing a synthesis of the theoretical literature of the last ten years, Christophe Chamley demonstrates how these pathologies may occur in a society of rational individuals. His book provides informal as well as technical analyses for readers interested in social behavior, and more advanced researchers in economics, finance, and other social sciences. A key feature is the inclusion of exercises in each chapter, with proofs written out for students.

Recenzje

'Chamley has chosen a topic of great interest to all academics in the social sciences. The tendency of human beings to conformity intrigues social psychologists and anthropologists, and the implications of mass behavior are important in politics, economics, and finance. Chamley fully understands this material and conveys it clearly in this book.' Peter Norman Sorensen, University of Copenhagen

Spis treści

1. Introduction; Part I. Social Learning: 2. Bayesian tools; 3. Social learning with a common memory; 4. Cascades and herds; 5. Limited memories; 6. Delays; 7. More delays; 8. Outputs; 9. Networks and diffusion; 10. Words; Part II. Coordination: 11. Guessing to coordinate; 12. Learning to coordinate; 13. Delays and payoff externalities; Part III. Financial Herding: 14. Sequences of financial trades; 15. Gaussian financial markets; 16. Financial frenzies.