Information Cascades in the Laboratory Export

@article{AndersonHolt1997, abstract = {When a series of individuals with private information announce public predictions, initial conformity can create an "information cascade" in which later predictions match the early announcements. This paper reports an experiment in which private signals are draws from an unobserved urn. Subjects make predictions in sequence and are paid if they correctly guess which of two urns was used for the draws. If initial decisions coincide, then it is rational for subsequent decision makers to follow the established pattern, regardless of their private information. Rational cascades formed in most periods in which such an imbalance occurred.}, author = {Anderson, Lisa R. and Holt, Charles A.}, citeulike-article-id = {1402308}, citeulike-linkout-0 = {http://dx.doi.org/10.2307/2951328}, citeulike-linkout-1 = {http://www.jstor.org/stable/2951328}, doi = {10.2307/2951328}, issn = {00028282}, journal = {The American Economic Review}, keywords = {cascades, economics, gametheory}, number = {5}, pages = {847--862}, posted-at = {2009-07-28 02:17:52}, priority = {2}, publisher = {American Economic Association}, title = {Information Cascades in the Laboratory}, url = {http://dx.doi.org/10.2307/2951328}, volume = {87}, year = {1997} }

TY - JOUR ID - AndersonHolt1997 L3 - citeulike-article-id:1402308 N2 - When a series of individuals with private information announce public predictions, initial conformity can create an "information cascade" in which later predictions match the early announcements. This paper reports an experiment in which private signals are draws from an unobserved urn. Subjects make predictions in sequence and are paid if they correctly guess which of two urns was used for the draws. If initial decisions coincide, then it is rational for subsequent decision makers to follow the established pattern, regardless of their private information. Rational cascades formed in most periods in which such an imbalance occurred. IS - 5 JF - The American Economic Review SN - 00028282 EP - 862 TI - Information Cascades in the Laboratory PB - American Economic Association VL - 87 SP - 847 KW - cascades KW - economics KW - gametheory AU - Anderson, Lisa AU - Holt, Charles PY - 1997/// UR - http://dx.doi.org/10.2307/2951328 ER -