ISBN:
0511165978
,
0511165382
,
0511616376
,
0511164823
,
9780511165382
,
9780511616372
,
9780511164828
,
9780511165979
Language:
English
Pages:
1 Online-Ressource (xiv, 402 pages)
,
illustrations
Parallel Title:
Erscheint auch als Chamley, Christophe Rational herds
DDC:
303.3/2
Keywords:
Social learning
;
Social learning Mathematical models
;
Decision making
;
Collective behavior
;
SOCIAL SCIENCE ; General
;
Collective behavior
;
Decision making
;
Social learning
;
Soziales Lernen
;
Kollektives Verhalten
;
Mathematisches Modell
;
Sociaal leren
;
Wiskundige modellen
;
Aprendizagem social
;
Aprendizagem social (modelos matemáticos)
;
Tomada de decisão
;
Comportamento coletivo
;
Electronic books
;
Electronic books
;
Electronic books
Abstract:
1. Introduction -- Part I. Social learning : 2. Bayesian tools : The bayesian framework ; Binary and Gaussian information ; Private signals and beliefs ; Martingales -- 3. Social learning with a common memory : A canonical model of social learning ; Efficient learning ; Observation noise ; Extensions -- 4. Cascades and herds : The basic model of herding ; The standard model with bounded beliefs ; The convergence of beliefs ; Herds and the slow convergence of beliefs ; Pricing the informational externality ; Crashes and booms -- 5. Limited memories : The sequential model with sampling ; The welfare-improving principle ; Sampling in a very large population ; Social learning or sampling in a large population? -- 6. Delays : The simplest model ; A general model with heterogeneous beliefs ; Properties -- 7. More delays : The length of a period ; Continuous times ; Buildup of private information ; Observation of payoffs -- 8. Outcomes : Incomplete learning ; The determinant of economic success: luck or effort? ; Complete learning with a diversity of private beliefs -- 9. Networks and diffusion : Optimization and diffusion of innovations ; Learning in networks -- 10. Words : Advice by one expert ; Larger sets of states and messages ; Panel of experts ; The receiver does not make the evaluation -- Part II. Coordination : 11. Guessing to coordinate : Overview ; Eductive stability in a standard market ; Strategic complementarities ; Speculative attacks against a fixed exchange rate -- 12. Learning to coordinate : A distribution with a cluster ; Observation noise -- 13. Delays and payoff externalities : Strategic substitutability ; Strategic complementaries -- Part III. Financial herding : 14.l Sequences of financial trades : Learning in the model of Glosten and Milgrom ; Herds ; Avalanches ; Herding in auctions -- 15. Gaussian financial markets : Actions in the CARA-Gauss model ; Markets ; The convergence of beliefs ; Multiple equilibria, crashes, and booms -- 16. Financial frenzies : Speculative attacks against a fixed exchange rate ; Information delays in financial markets ; The crash of a bubble.
Abstract:
This book is the first in the exciting new field of social learning
Note:
Includes bibliographical references (pages 385-394) and indexes
,
English
URL:
https://doi.org/10.1017/CBO9780511616372
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