On the Convergence of Informational Cascades
On the Convergence of Informational Cascades
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论信息级联的融合
DOI：
10.1006/jeth.1993.1074
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发表时间：
1993
影响因子：
1.6
通讯作者：
Lee In Ho
中科院分区：
文献类型：
--
作者：
Lee In Ho
本文研究了序贯行动模型中的信息聚合问题。在一个主体在观察行动历史和私人信号之后依次采取行动的模型中，信息级联被定义为行动序列收敛到一个极限的事件，而完全揭示信息级联被定义为行动序列收敛到在真实状态下最优的极限的事件。几乎处处发生完全揭示信息级联的充分必要条件得以确立。利用米尔格罗姆[《计量经济学》47（1979年），679 - 688页]以及麦凯尔维和佩奇（《计量经济学》54（1986年），109 - 127页）中的特征对该充分必要条件进行了解释。《经济文献分类编号》：C44、D81、D83。
This paper investigates the problem of information aggregation in a sequential action model. In a model in which agents sequentially take actions after observing the action history and a private signal, an informational cascade is defined as an event in which the sequence of actions converges to a limit and a fully revealing informational cascade is defined as an event in which the sequence converges to a limit which is optimal under the true state. The necessary and sufficient condition for the occurrence of a fully revealing informational cascade almost everywhere is established. The necessary and sufficient condition is interpreted using the characterization in Milgrom [Econometrica47 (1979), 679–688] and McKelvey and Page (Econometrica54 (1986), 109–127]. Journal of Economic Literature Classification Numbers: C44. D81, D83.