A Theory of Fads, Fashion, Custom, and Cultural Change as Informational Cascades

@article{Bikhchandani1992ATO,
  title={A Theory of Fads, Fashion, Custom, and Cultural Change as Informational Cascades},
  author={S. Bikhchandani and D. Hirshleifer and I. Welch},
  journal={Journal of Political Economy},
  year={1992},
  volume={100},
  pages={992 - 1026}
}
  • S. Bikhchandani, D. Hirshleifer, I. Welch
  • Published 1992
  • Psychology
  • Journal of Political Economy
  • An informational cascade occurs when it is optimal for an individual, having observed the actions of those ahead of him, to follow the behavior of the preceding individual without regard to his own information. We argue that localized conformity of behavior and the fragility of mass behaviors can be explained by informational cascades. 
    5,634 Citations
    Informational Cascades and Social Conventions
    • 4
    • PDF
    A Theory of Fashion Based on Segmented Communication
    • 14
    A model of fads, fashions, and group formation
    • 18
    • PDF
    Information Cascades in the Adoption of New Technology
    • 45
    • Highly Influenced
    • PDF
    Informational Cascades and Decision to Migrate
    • 64
    • PDF
    A note on endogenous norms in a theory of conformity
    • 2
    • PDF
    When a Fad Ends: An Agent-Based Model of Imitative Behavior
    • 6
    • PDF