Fragile, Error-Prone And Idiosyncratic Behaviour: Informational Cascades

Idioma: inglés

Editorial: Diplom.De Jan 2003, 2003

3838662997 / 9783838662992

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This item is printed on demand - Print on Demand Titel. Neuware -Inhaltsangabe:Abstract:Macroeconomics deals with the behaviour of the economy altogether and concentrates on fundamental and actual economic problems. Microeconomics deals with the behaviour of individuals and the aggregation of their actions in different institutional frameworks. Thus, both micro- and macroeconomics are doctrines to describe and understand individuals behaviour, activities and outcomes. So, why does one try to better understand Individuals are curious , is a popular explanation. Another is that understanding may lead to a better outcome for individuals. There exist a lot of patterns of behaviour. One behaviour pattern is the so-called uniform behaviour. Imitation and mimicry belong to the basic instincts of every human being. Indeed, these patterns do not make immediate sense in terms of traditional macro- or microeconomic models. Still, they may be rational for an individual or a group of individuals. Learning by observing other individuals past actions and decisions may be of help to explain some otherwise puzzling phenomena about human behaviour. Apprehending individuals behaviour is not straightforward. It is not only profit or utility maximising that drives individuals minds. Sometimes, individuals just act because others act. An Informational Cascade is a situation in which every subsequent individual, based on the observation of others, makes the same choice or decision independent of his private information. Informational Cascades are present in our everyday life and in fields such as Economics, Politics, Scientific Theory, Finance or Zoology. The fact that this phenomenon does appear in innumerable situations is my motivation to closer examine Informational Cascades.Economics and above all economic behaviour is more than Statistics or Mathematics. It is Anthropology and Psychology as well.To combine and describe economics with the behaviour patterns of human beings, above all Informational Cascades and its environment , is the base of my licentiate.To link this phenomenon to economics and to bring it in an economic context, one has to grasp what exactly an Informational Cascade does describe. Why can one define an Informational Cascade as a gap between the practiced and the preached Definitions and a simple example are given at the beginning of chapter two, followed by a characterisation of an Informational Cascade.The characterisation deals with the brittleness, idiosyncrasy and the error-sensitivity of [¿]Diplomica Verlag, Hermannstal 119k, 22119 Hamburg 80 pp. Englisch. …

N° de ref. del artículo 9783838662992

Título
Fragile, Error-Prone And Idiosyncratic Behaviour: Informational Cascades
Autor
Andreas Heller
Editorial
Diplom.De Jan 2003
Año de publicación
2003
Estado
Neu
Encuadernación
Taschenbuch
Idioma
inglés
ISBN 10
3838662997
ISBN 13
9783838662992
Peso del artículo
129 gramos
Dimensiones
210x148x6 mm

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