The Blind Leading the Blind: Social Influence, Fads, and Informational Cascades

David Hirshleifer

University of California at Los Angeles, Anderson Graduate School of Management from Anderson Graduate School of Management, UCLA

Abstract: An informational cascade occurs when it is optimal for an individual, having observed the actions of those ahead of him, to hollow the behavior of the preceding person without regard to his own information. Among the phenomena that can be explained by informational cascades are conformism at specific times and places, error-prone behavior, and fragility of behaviors.

Date: 1993-01-01
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