arXiv 25 Feb 2020 · Theoretical Economics
arXiv:2002.11017 · PDF · DOI · OpenAlex · Extracted main text
Models of social learning feature either binary signals or abstract signal structures often deprived of micro-foundations. Both models are limited when analyzing interim results or performing empirical analysis. We present a method of generating signal structures which are richer than the binary model, yet are tractable enough to perform simulations and empirical analysis. We demonstrate the method's usability by revisiting two classical papers: (1) we discuss the economic significance of unbounded signals Smith and Sorensen (2000); (2) we use experimental data from Anderson and Holt (1997) to perform econometric analysis. Additionally, we provide a necessary and sufficient condition for the occurrence of action cascades.
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The works this paper leans on most, across its whole bibliography — not restricted to papers in our corpus. Ranked by composite intensity, which combines how often a work is mentioned, how many sections mention it, and how much of that falls in the main text rather than the appendix.
| Reference | Intensity | Mentions | Sections | Main text | |
|---|---|---|---|---|---|
| 1 | B Y Lones Smith and Peter Srensen (2000) Pathological Outcomes of Observational Learning | 1.000 | 10 | 4 | 100% |
| 2 | By Lisa R Anderson and Charles A Holt (1997) Information Cascades in the Laboratory | 1.000 | 8 | 3 | 100% |
| 3 | Abhijit V. Av Banerjee (1992) A Simple Model of Herd Behavior | 1.000 | 6 | 4 | 100% |
| 4 | Sushil Bikhchandani, David Hirshleifer, and Ivo Welch (1992) A theory of fads, fashion, custom, and cultural change as informational cascades | 1.000 | 6 | 4 | 100% |
| 5 | Helios Herrera and Johannes Hörner (2012) A Necesssary and Sufficient Condition for Information Cascades | 0.874 | 7 | 2 | 100% |
| 6 | Juanjuan Zhang (2010) The Sound of Silence: Observational Learning in the U.S. Kidney Market | 0.511 | 2 | 1 | 100% |
| 7 | Daron Acemoglu, Asuman Ozdaglar, and Ali Parandehgheibi (2010) Spread of Misinformation in Social | 0.405 | 1 | 1 | 100% |
| 8 | Itai Arieli and Manuel Mueller-Frank (2019) Multidimensional Social Learning | 0.405 | 1 | 1 | 100% |
| 9 | Richard W. Evans (2018) Generalized Method of Moments (GMM) Estimation, 2018 | 0.405 | 1 | 1 | 100% |
| 10 | Erik Eyster, Andrea Galeotti, Navin Kartik, and Matthew Rabin (2014) Congested observational learning | 0.405 | 1 | 1 | 100% |
Showing the top 10 of 13 scored citations.