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|a Chamley, Christophe.
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|a Rational herds :
|b economic models of social learning /
|c Christophe P. Chamley.
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|a Economic models of social learning
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|a Cambridge, UK ;
|a New York :
|b Cambridge University Press,
|c ©2004.
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|a 1 online resource (xiv, 402 pages) :
|b illustrations
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|a data file
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|a Includes bibliographical references (pages 385-394) and indexes.
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|a Print version record.
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|a 1. Introduction -- Part I. Social learning : 2. Bayesian tools : The bayesian framework ; Binary and Gaussian information ; Private signals and beliefs ; Martingales -- 3. Social learning with a common memory : A canonical model of social learning ; Efficient learning ; Observation noise ; Extensions -- 4. Cascades and herds : The basic model of herding ; The standard model with bounded beliefs ; The convergence of beliefs ; Herds and the slow convergence of beliefs ; Pricing the informational externality ; Crashes and booms -- 5. Limited memories : The sequential model with sampling ; The welfare-improving principle ; Sampling in a very large population ; Social learning or sampling in a large population? -- 6. Delays : The simplest model ; A general model with heterogeneous beliefs ; Properties -- 7. More delays : The length of a period ; Continuous times ; Buildup of private information ; Observation of payoffs -- 8. Outcomes : Incomplete learning ; The determinant of economic success: luck or effort? ; Complete learning with a diversity of private beliefs -- 9. Networks and diffusion : Optimization and diffusion of innovations ; Learning in networks -- 10. Words : Advice by one expert ; Larger sets of states and messages ; Panel of experts ; The receiver does not make the evaluation -- Part II. Coordination : 11. Guessing to coordinate : Overview ; Eductive stability in a standard market ; Strategic complementarities ; Speculative attacks against a fixed exchange rate -- 12. Learning to coordinate : A distribution with a cluster ; Observation noise -- 13. Delays and payoff externalities : Strategic substitutability ; Strategic complementaries -- Part III. Financial herding : 14.l Sequences of financial trades : Learning in the model of Glosten and Milgrom ; Herds ; Avalanches ; Herding in auctions -- 15. Gaussian financial markets : Actions in the CARA-Gauss model ; Markets ; The convergence of beliefs ; Multiple equilibria, crashes, and booms -- 16. Financial frenzies : Speculative attacks against a fixed exchange rate ; Information delays in financial markets ; The crash of a bubble.
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|a This book is the first in the exciting new field of social learning.
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|a English.
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|b EBSCO eBook Subscription Academic Collection - Worldwide
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|a Social learning.
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|x Mathematical models.
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|a Decision making.
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|a Collective behavior.
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|a Decision Making
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|a Mass Behavior
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|a Apprentissage social.
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|a Apprentissage social
|x Modèles mathématiques.
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|a Prise de décision.
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|a Comportement collectif.
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|a Decision making.
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|i Print version:
|a Chamley, Christophe.
|t Rational herds.
|d Cambridge, UK ; New York : Cambridge University Press, ©2004
|z 052182401X
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