Distinguishing informational cascades from herd behavior in the laboratory
Bo ̆açhan Çelen and Shachar Kariv (2004) The American Economic Review, 2004 – ingentaconnect.com
… circumstances. While the terms informational cascade and herd behavior are used
interchange- ably in the literature, Lones Smith and Peter N. Sørensen (2000)
emphasize that there is a significant difference between them. …
Smith and Sørensen (2000) emphasize that there is a significant difference between them. An informational cascade is said to occur when an infinite sequence of individuals ignore their private information when making a decision, whereas herd behavior occurs when an infinite sequence of individuals make an identical decision, not necessarily ignoring their private information.
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