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

Format:

Book

Author/Creator:

Chamley, Christophe, author.

Language:

English

Subjects (All):

Social learning.

Social learning--Mathematical models.

Decision making.

Collective behavior.

Physical Description:

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

Edition:

1st ed.

Place of Publication:

Cambridge : Cambridge University Press, 2004.

Language Note:

English

Summary:

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.

Contents:

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

Notes:

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

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

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

OCLC:

437163516