Each player in a group receives private information about the correct action. Based on this information and the action of previous choosers, players sequentially choose an action.
Key Learning Objectives:
- Information Cascades (Herd Behavior): In a social learning environment, it is often rational for an individual to ignore her private information and follow the herd (i.e., imitate the choice of her predecessors).
- Private vs. Public Information: While players will generally weigh private and public information appropriately, it is not uncommon for players to place too much weight on private information.
- Main Courses: finance; macroeconomics; managerial economics
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