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Informational Cascades: A Mirage?
[Zeitschriftenartikel]
Abstract Experimental research found contradictory results regarding the occurrence of informational cascades. Whereas Anderson and Holt (1997) confirmed the model of Banerjee (1992), and Bikhchandani et al. (1992) through lab tests, Huck and Oechssler (2000) came to contradictory results on crucial issues. ... mehr
Experimental research found contradictory results regarding the occurrence of informational cascades. Whereas Anderson and Holt (1997) confirmed the model of Banerjee (1992), and Bikhchandani et al. (1992) through lab tests, Huck and Oechssler (2000) came to contradictory results on crucial issues. This article presents experimental evidence supporting further doubts concerning "Bayesian" informational cascades: Just under two thirds of all decisions are characterized by an excessive orientation towards the private signal, and only a small number of the subjects (<6%) make rational decisions systematically and consistently.... weniger
Klassifikation
Allgemeine Psychologie
Freie Schlagwörter
Informational cascades; Experiments; Bayes’ rule
Sprache Dokument
Englisch
Publikationsjahr
2008
Seitenangabe
S. 193-199
Zeitschriftentitel
Journal of Economic Behavior & Organization, 67 (2008) 1
DOI
https://doi.org/10.1016/j.jebo.2007.06.005
Status
Postprint; begutachtet (peer reviewed)
Lizenz
PEER Licence Agreement (applicable only to documents from PEER project)