2013 | OriginalPaper | Chapter
Aggregated Beliefs and Informational Cascades
Author : Rasmus K. Rendsvig
Published in: Logic, Rationality, and Interaction
Publisher: Springer Berlin Heidelberg
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In the 1992 paper [1] Bikchandani et al. show how it may be rational for Bayesian agents in a sequential decision making scenario to ignore their private information and conform to the choices made by previous agents. If this occurs, an agent ignoring her private information is said to be
in a cascade
.