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The paper presents a theory of informational cascades to explain localized conformity and the fragility of mass behaviors, suggesting that individuals often follow the actions of others without regard to their own information. It discusses how small shocks can lead to significant shifts in behavior, as seen in cultural changes and fads, and proposes a model that illustrates how individuals converge on decisions based on limited information. The authors analyze the dynamics of imitative decision processes an
- Author
- ishika
- Language
- EN