منابع مشابه
Herding with Costly Observation
We characterize optimal strategies in a simple herding model where observations have a small cost. We assume that there are two states and two possible signals that each agent may get. The prior distribution is biased towards adopting behavior. That is, ex-ante, adopting gives a higher expected utility than not adopting. Contrary to Kultti & Miettinen (2005) herding does not arise deterministic...
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We consider a standard sequential decision to adopt/buy a good in a herding environment. The setup is same as in Sgroi (2002). Contrary to the basic herding case we introduce a cost that the agents have to pay for the information about their predecessors’ actions. All agents receive informative signals as in the standard herding models but do not view the actions taken by their predecessors unl...
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This paper demonstrates that a misspecified model of information processing interferes with long-run learning and allows inefficient choices to persist in the face of contradictory public information. I consider an observational learning environment where agents observe a private signal about a hidden state, and some agents observe the actions of their predecessors. Prior actions aggregate mult...
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ژورنال
عنوان ژورنال: International Journal of Management & Information Systems (IJMIS)
سال: 2011
ISSN: 2157-9628,1546-5748
DOI: 10.19030/ijmis.v15i3.4644