TY - CHAP
T1 - Herding without following the herd
T2 - the dynamics of case-based decisions with local interactions
AU - Krause, Andreas
PY - 2006
Y1 - 2006
N2 - We use case-based decision theory to evaluate the repeated choices of individuals who are using the experience of a selected set of other individuals over a given time horizon as the basis for their own decisions. It is observed that for certain parameter constellations a large fraction of individuals make identical decisions over a long period of time, which is not implied by the information. The result of this behavior is herding, which, however, has its origin in the way individuals process information rather than a desire to be part of the herd and imitating the behavior of others.
AB - We use case-based decision theory to evaluate the repeated choices of individuals who are using the experience of a selected set of other individuals over a given time horizon as the basis for their own decisions. It is observed that for certain parameter constellations a large fraction of individuals make identical decisions over a long period of time, which is not implied by the information. The result of this behavior is herding, which, however, has its origin in the way individuals process information rather than a desire to be part of the herd and imitating the behavior of others.
UR - http://dx.doi.org/10.1007/3-540-28727-2_12
U2 - 10.1007/3-540-28727-2_12
DO - 10.1007/3-540-28727-2_12
M3 - Book chapter
SN - 9783540287261
T3 - Lecture Notes in Economics and Mathematical Systems
SP - 179
EP - 191
BT - The Complex Networks of Economic Interactions
A2 - Namatame, A
A2 - Kaizouji, T
A2 - Aruka, Y
PB - Springer
ER -