Rational Herds Economic Models of Social Learning
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Description: 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 most recent advances. 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.
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All the information you need in one place! Each Study Brief is a summary of one specific subject; facts, figures, and explanations to help you learn faster.
List price: $67.00
Copyright year: 2003
Publisher: Cambridge University Press
Publication date: 11/24/2003
Size: 7.00" wide x 9.75" long x 1.00" tall