Rational Herds: Economic Models of Social Learning

About this book

Social learning involves individuals learning from the behavior of others and may lead to spectacular outcomes such as herding fads frenzies crashes and booms. Providing a synthesis of the theoretical literature of the last ten years Christophe Chamley demonstrates how these pathologies may occur in a society of rational individuals. His book provides informal as well as technical analyses for readers interested in social behavior and more advanced researchers in economics finance and other social sciences. A key feature is the inclusion of exercises in each chapter with proofs written out for students.