合理的群衆：社会的学習の経済モデル<br>Rational Herds : Economic Models of Social Learning

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合理的群衆：社会的学習の経済モデル
Rational Herds : Economic Models of Social Learning

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  • 製本 Hardcover:ハードカバー版／ページ数 418 p.
  • 言語 ENG
  • 商品コード 9780521824019
  • DDC分類 330.01

基本説明

Demonstrates how such pathologies (as herding, fads, frenzies, crashes, and booms) may occur in a society of rational individuals.

Full 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 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.

Contents

1. Introduction; Part I. Social Learning: 2. Bayesian tools; 3. Social learning with a common memory; 4. Cascades and herds; 5. Limited memories; 6. Delays; 7. More delays; 8. Outputs; 9. Networks and diffusion; 10. Words; Part II. Coordination: 11. Guessing to coordinate; 12. Learning to coordinate; 13. Delays and payoff externalities; Part III. Financial Herding: 14. Sequences of financial trades; 15. Gaussian financial markets; 16. Financial frenzies.