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A Simple Model of Herd Behavior

Abhijit Banerjee · The Quarterly Journal of Economics · 1992

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Author / responsible party
Abhijit Banerjee
Publisher
The Quarterly Journal of Economics
Year
1992
Language
English

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We analyze a sequential decision model in which each decision maker looks at the decisions made by previous decision makers in taking her own decision. This is rational for her because these other decision makers may have some information that is important for her. We then show that the decision rules that are chosen by optimizing individuals will be characterized by herd behavior; i.e., people will be doing what others are doing rather than using their information. We then show that the resulting equilibrium is inefficient.

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APA 7

Banerjee, A. (1992). A Simple Model of Herd Behavior. https://doi.org/10.2307/2118364

MLA

Banerjee, Abhijit. "A Simple Model of Herd Behavior." 1992. https://doi.org/10.2307/2118364.

Chicago

Banerjee, Abhijit. 1992. "A Simple Model of Herd Behavior.". https://doi.org/10.2307/2118364.

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Banerjee, A. 1992, A Simple Model of Herd Behavior, The Quarterly Journal of Economics, available at: https://doi.org/10.2307/2118364 [Accessed 7 Aug. 2026].

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Resource details

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Title
A Simple Model of Herd Behavior
Author / contributors
Abhijit Banerjee
Publisher
The Quarterly Journal of Economics
Publication year
1992
Language
English

Subjects

Explore related resources through these subjects.

Simple (philosophy); Herd behavior; Economics; Herd; Mathematical economics; Volume (thermodynamics); Econometrics; Positive economics; Philosophy; History; Epistemology; Archaeology
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