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Rational Herds Economic Models of Social Learning First Edition by Christophe P Chamley ISBN 052182401X 9780521824019

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Rational Herds Economic Models of Social Learning First Edition Christophe P. Chamley Digital Instant Download

Author(s): Christophe P. Chamley
ISBN(s): 9780521824019, 052182401X
Edition: First Edition
File Details: PDF, 4.17 MB
Year: 2003
Language: english
SKU: EB-1724930 Category: Tag:

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Product details:

ISBN 10: 052182401X

ISBN 13: 9780521824019 

Author: Christophe P. Chamley

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 subject. 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.

Table of contents:

  • Introduction

Part I. Social Learning

  • Bayesian Tools

  • Social Learning with a Common Memory

  • Cascades and Herds

  • Limited Memories

  • Delays

  • More Delays

  • Outcomes

  • Networks and Diffusion

  • Words

Part II. Coordination

  • Guessing to Coordinate

  • Learning to Coordinate

  • Delays and Payoff Externalities

Part III. Financial Herding

  • Sequences of Financial Trades

  • Gaussian Financial Markets

  • Financial Frenzies

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Tags: Christophe P Chamley, Rational, Herds, Economic, Models, Social, Learning