Rational herds

Economic models of social learning

Christophe P. Chamley

416 pages, parution le 15/01/2004

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Résumé

Penguins jumping off a cliff, economic forecasters and financial advisors speculating against a currency, and farmers using traditional methods in India are all practising social learning. Such learning from the behavior of others may and does lead to herds, crashes, and booms. These issues have become, over the last ten years, an exciting field of research in theoretical and applied economics, finance, and in other social sciences. This book provides both an informal introduction and in-depth insights into the most recent advances. Each chapter is devoted to a separate issue: individuals learn from the observations of actions, the outcomes of these actions, and from what others say. They may delay or make an immediate decision; they may compete against others or gain from cooperation; they make decisions about investment, crop choices, and financial investments. The book highlights the similarities and the differences between the various cases.

Sommaire

Social Learning
Coordination
Financial Herding.

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Caractéristiques techniques

	PAPIER
Éditeur(s)	Cambridge University Press
Auteur(s)	Christophe P. Chamley
Parution	15/01/2004
Nb. de pages	416
Format	18 x 25,5
Couverture	Broché
Poids	720g
Intérieur	Noir et Blanc
EAN13	9780521530927
ISBN13	978-0-521-53092-7