We review the theory of information cascades and social learning. Our goal is to describe in a relatively integrated and accessible way the more important themes, insights and applications of the literature as it has developed over the last thirty years. We also highlight open questions and promising directions for further theoretical and empirical exploration.
over-the-counter (OTC) markets market liquidity costly participation CDS-bond basis short-selling credit risk pay transparency teams moral-hazard delegation complementarities organizational economics stress test filtering proof-of-stake proof-of-work staking supply chain Information Cascades Social Learning Herding Fads Fashion Conformity Culture