Observational Learning with Collective Preferences
نویسندگان
چکیده
This paper studies a simple model of observational learning where agents care not only about the information of others but also about their actions. We show that despite the complex strategic considerations that arise from forward-looking incentives, herd behavior can arise in equilibrium. Our results have application to understanding momentum in sequential elections, and inefficiencies in sequential public good contributions and leadership charitable giving.
منابع مشابه
Herding with Collective Preferences
This paper studies a simple model of observational learning where agents care not only about the information of others but also about their actions. We show that despite complex strategic considerations that arise from forward-looking incentives, herd behavior can arise in equilibrium. The model encompasses applications such as sequential elections, public good contributions, and leadership cha...
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