Lab vs. Real Market

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Alevy, Jon, Michael Haigh, and John A. List. “Information Cascades: Evidence from a Field Experiment with Financial Market Professionals,” Journal of Finance, (2006), forthcoming

http://www.afajof.org/journal/forth_abstract.asp?ref=295

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关键词：market marke Mark Real Mar Real market Lab

Information Cascades，信息层叠。这个术语最先我是在Shiller的非理性繁荣中看到的，虽然并非是他原创、虽然他也没有准确的数理化模型化，但是他举的那个例子还是给我留下了很深的印象：两家各方面都差不多的餐馆，一家人越来越多，而一家越来人越少。因为左右人们判断餐厅意识好坏的最有效的信息就是就餐人术本身。所以生意的好坏竟然完全取决于最初得就餐者随机的进入选择。

另外看题目不知道此文是否有其在方法论上的意义。

the example you gave probably showed up first in Banerjee's QJE paper...

Oh,yeah? Banerjee, huh, got it.

Any of your comment about the idea of Information Cascade then?

贴点资料供参考：

1、Information Cascades and Observational Learning,Sushil Bikhchandani, David Hirshleifer, and Ivo Welch http://www.cob.ohio-state.edu/fin/dice/papers/2005/2005-22.pdf

2、Information Cascades; Entry Written for the New Palgrave Dictionary of Economics

SUSHIL BIKHCHANDANI University of California, Los Angeles - Anderson School of Management DAVID A. HIRSHLEIFER The Paul Merage School of Business IVO WELCH Brown University - Department of Economics; National Bureau of Economic Research (NBER) September 6, 2005 3、 Bikhchandani, Sushil. and Sunil Sharma, 2000."Herd behavior in Financial Markets", IMF Staff Papers, Washington, 279-310 4、 Information Cascades in Multi-Agent Models多重代理模型中的信息瀑布,Arthur De Vany, Cassey Lee,University of California