A Theory of Fads, Fashion, Custom, and Cultural Change in Informational Cascades
David Hirshleifer and
Ivo Welch ()
Journal of Political Economy, 1992, vol. 100, issue 5, 992-1026
An informational cascade occurs when it is optimal for an individual, having observed the actions of those ahead of him, to follow the behavior of the preceding individual with regard to his own information. The authors argue that localized conformity of behavior and the fragility of mass behaviors can be explained by informational cascades. Copyright 1992 by University of Chicago Press.
References: Add references at CitEc
Citations View citations in EconPapers (1235) Track citations by RSS feed
Downloads: (external link)
http://dx.doi.org/10.1086/261849 full text (application/pdf)
Access to full text is restricted to subscribers. See http://www.journals.uchicago.edu/JPE for details.
Working Paper: A theory of Fads, Fashion, Custom and cultural change as informational Cascades (2010)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:ucp:jpolec:v:100:y:1992:i:5:p:992-1026
Access Statistics for this article
More articles in Journal of Political Economy from University of Chicago Press
Bibliographic data for series maintained by Journals Division ().