Record Nr.

UNINA9910826814303321

Autore

Chamley Christophe

Titolo

Rational herds : economic models of social learning / / Christophe P. Chamley

Pubbl/distr/stampa


Cambridge, UK ; ; New York, : Cambridge University Press, c2004

ISBN


1-107-14636-4
1-280-43754-5
0-511-16538-2
0-511-16597-8
0-511-16402-5
0-511-31286-5
0-511-61637-6
0-511-16482-3

Edizione

[1st ed.]

Descrizione fisica

1 online resource (xiv, 402 pages) : digital, PDF file(s)

Disciplina

303.3/2

Soggetti

Social learning

Social learning - Mathematical models

Decision making

Collective behavior

Lingua di pubblicazione

Inglese

Formato

Materiale a stampa

Livello bibliografico

Monografia

Note generali

Title from publisher's bibliographic system (viewed on 05 Oct 2015).

Nota di bibliografia

Includes bibliographical references (p. 385-394) and indexes.

Nota di contenuto

Cover; Half-title; Title; Copyright; Dedication; Contents; Preface; 1 Introduction; PART ONE Social Learning; PART TWO Coordination; PART THREE Financial Herding; References; Author Index; Subject Index

Sommario/riassunto

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 subject. 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.