Learning from the behavior of others: conformity, fads, and informational cascades
Individuals learn by observing the behavior of others. This phenomenon, called observational learning or social learning, assumes that decisions tend to converge quickly, albeit in an idiosyncratic and fragile manner. Observational learning pertains to influence resulting from rational processing of information gathered by observing the past actions of others. This information triggers cascades which may help explain economic and business phenomena.
Publication Name: Journal of Economic Perspectives
User-producer interaction, learning and comparative advantage
Assessment of data from 16 member nations of the Organization for Economic Cooperation and Development on the impact of domestic consumer trends on competitiveness between 1965 to 1987 indicates that advanced domestic users have a favorable impact on competitiveness among multinational firms. This relationship perceived in a stronger vein in nations where the domestic markets are exposed to international competition.
Publication Name: Cambridge Journal of Economics
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