a theory of fads, fashion, custom, and cultural change as...

35
Reproduced with permission of the copyright owner. Further reproduction prohibited without permission. A Theory of Fads, Fashion, Custom, and Cultural Change as Informational Cascades Bikhchandani, Sushil; Hirshleifer, David; Welch, Ivo The Journal of Political Economy; Oct 1992; 100, 5; Research Library Core pg. 992

Upload: others

Post on 05-Oct-2020

2 views

Category:

Documents


0 download

TRANSCRIPT

Page 1: A Theory of Fads, Fashion, Custom, and Cultural Change as …leonidzhukov.net/hse/2013/socialnetworks/papers/atheory... · 2013. 12. 10. · Bikhchandani, Sushil; Hirshleifer, David;

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

A Theory of Fads, Fashion, Custom, and Cultural Change as Informational CascadesBikhchandani, Sushil; Hirshleifer, David; Welch, IvoThe Journal of Political Economy; Oct 1992; 100, 5; Research Library Corepg. 992

Page 2: A Theory of Fads, Fashion, Custom, and Cultural Change as …leonidzhukov.net/hse/2013/socialnetworks/papers/atheory... · 2013. 12. 10. · Bikhchandani, Sushil; Hirshleifer, David;

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 3: A Theory of Fads, Fashion, Custom, and Cultural Change as …leonidzhukov.net/hse/2013/socialnetworks/papers/atheory... · 2013. 12. 10. · Bikhchandani, Sushil; Hirshleifer, David;

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 4: A Theory of Fads, Fashion, Custom, and Cultural Change as …leonidzhukov.net/hse/2013/socialnetworks/papers/atheory... · 2013. 12. 10. · Bikhchandani, Sushil; Hirshleifer, David;

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 5: A Theory of Fads, Fashion, Custom, and Cultural Change as …leonidzhukov.net/hse/2013/socialnetworks/papers/atheory... · 2013. 12. 10. · Bikhchandani, Sushil; Hirshleifer, David;

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 6: A Theory of Fads, Fashion, Custom, and Cultural Change as …leonidzhukov.net/hse/2013/socialnetworks/papers/atheory... · 2013. 12. 10. · Bikhchandani, Sushil; Hirshleifer, David;

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 7: A Theory of Fads, Fashion, Custom, and Cultural Change as …leonidzhukov.net/hse/2013/socialnetworks/papers/atheory... · 2013. 12. 10. · Bikhchandani, Sushil; Hirshleifer, David;

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 8: A Theory of Fads, Fashion, Custom, and Cultural Change as …leonidzhukov.net/hse/2013/socialnetworks/papers/atheory... · 2013. 12. 10. · Bikhchandani, Sushil; Hirshleifer, David;

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 9: A Theory of Fads, Fashion, Custom, and Cultural Change as …leonidzhukov.net/hse/2013/socialnetworks/papers/atheory... · 2013. 12. 10. · Bikhchandani, Sushil; Hirshleifer, David;

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 10: A Theory of Fads, Fashion, Custom, and Cultural Change as …leonidzhukov.net/hse/2013/socialnetworks/papers/atheory... · 2013. 12. 10. · Bikhchandani, Sushil; Hirshleifer, David;

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 11: A Theory of Fads, Fashion, Custom, and Cultural Change as …leonidzhukov.net/hse/2013/socialnetworks/papers/atheory... · 2013. 12. 10. · Bikhchandani, Sushil; Hirshleifer, David;

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 12: A Theory of Fads, Fashion, Custom, and Cultural Change as …leonidzhukov.net/hse/2013/socialnetworks/papers/atheory... · 2013. 12. 10. · Bikhchandani, Sushil; Hirshleifer, David;

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 13: A Theory of Fads, Fashion, Custom, and Cultural Change as …leonidzhukov.net/hse/2013/socialnetworks/papers/atheory... · 2013. 12. 10. · Bikhchandani, Sushil; Hirshleifer, David;

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 14: A Theory of Fads, Fashion, Custom, and Cultural Change as …leonidzhukov.net/hse/2013/socialnetworks/papers/atheory... · 2013. 12. 10. · Bikhchandani, Sushil; Hirshleifer, David;

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 15: A Theory of Fads, Fashion, Custom, and Cultural Change as …leonidzhukov.net/hse/2013/socialnetworks/papers/atheory... · 2013. 12. 10. · Bikhchandani, Sushil; Hirshleifer, David;

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 16: A Theory of Fads, Fashion, Custom, and Cultural Change as …leonidzhukov.net/hse/2013/socialnetworks/papers/atheory... · 2013. 12. 10. · Bikhchandani, Sushil; Hirshleifer, David;

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 17: A Theory of Fads, Fashion, Custom, and Cultural Change as …leonidzhukov.net/hse/2013/socialnetworks/papers/atheory... · 2013. 12. 10. · Bikhchandani, Sushil; Hirshleifer, David;

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 18: A Theory of Fads, Fashion, Custom, and Cultural Change as …leonidzhukov.net/hse/2013/socialnetworks/papers/atheory... · 2013. 12. 10. · Bikhchandani, Sushil; Hirshleifer, David;

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 19: A Theory of Fads, Fashion, Custom, and Cultural Change as …leonidzhukov.net/hse/2013/socialnetworks/papers/atheory... · 2013. 12. 10. · Bikhchandani, Sushil; Hirshleifer, David;

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 20: A Theory of Fads, Fashion, Custom, and Cultural Change as …leonidzhukov.net/hse/2013/socialnetworks/papers/atheory... · 2013. 12. 10. · Bikhchandani, Sushil; Hirshleifer, David;

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 21: A Theory of Fads, Fashion, Custom, and Cultural Change as …leonidzhukov.net/hse/2013/socialnetworks/papers/atheory... · 2013. 12. 10. · Bikhchandani, Sushil; Hirshleifer, David;

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 22: A Theory of Fads, Fashion, Custom, and Cultural Change as …leonidzhukov.net/hse/2013/socialnetworks/papers/atheory... · 2013. 12. 10. · Bikhchandani, Sushil; Hirshleifer, David;

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 23: A Theory of Fads, Fashion, Custom, and Cultural Change as …leonidzhukov.net/hse/2013/socialnetworks/papers/atheory... · 2013. 12. 10. · Bikhchandani, Sushil; Hirshleifer, David;

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 24: A Theory of Fads, Fashion, Custom, and Cultural Change as …leonidzhukov.net/hse/2013/socialnetworks/papers/atheory... · 2013. 12. 10. · Bikhchandani, Sushil; Hirshleifer, David;

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 25: A Theory of Fads, Fashion, Custom, and Cultural Change as …leonidzhukov.net/hse/2013/socialnetworks/papers/atheory... · 2013. 12. 10. · Bikhchandani, Sushil; Hirshleifer, David;

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 26: A Theory of Fads, Fashion, Custom, and Cultural Change as …leonidzhukov.net/hse/2013/socialnetworks/papers/atheory... · 2013. 12. 10. · Bikhchandani, Sushil; Hirshleifer, David;

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 27: A Theory of Fads, Fashion, Custom, and Cultural Change as …leonidzhukov.net/hse/2013/socialnetworks/papers/atheory... · 2013. 12. 10. · Bikhchandani, Sushil; Hirshleifer, David;

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 28: A Theory of Fads, Fashion, Custom, and Cultural Change as …leonidzhukov.net/hse/2013/socialnetworks/papers/atheory... · 2013. 12. 10. · Bikhchandani, Sushil; Hirshleifer, David;

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 29: A Theory of Fads, Fashion, Custom, and Cultural Change as …leonidzhukov.net/hse/2013/socialnetworks/papers/atheory... · 2013. 12. 10. · Bikhchandani, Sushil; Hirshleifer, David;

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 30: A Theory of Fads, Fashion, Custom, and Cultural Change as …leonidzhukov.net/hse/2013/socialnetworks/papers/atheory... · 2013. 12. 10. · Bikhchandani, Sushil; Hirshleifer, David;

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 31: A Theory of Fads, Fashion, Custom, and Cultural Change as …leonidzhukov.net/hse/2013/socialnetworks/papers/atheory... · 2013. 12. 10. · Bikhchandani, Sushil; Hirshleifer, David;

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 32: A Theory of Fads, Fashion, Custom, and Cultural Change as …leonidzhukov.net/hse/2013/socialnetworks/papers/atheory... · 2013. 12. 10. · Bikhchandani, Sushil; Hirshleifer, David;

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 33: A Theory of Fads, Fashion, Custom, and Cultural Change as …leonidzhukov.net/hse/2013/socialnetworks/papers/atheory... · 2013. 12. 10. · Bikhchandani, Sushil; Hirshleifer, David;

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 34: A Theory of Fads, Fashion, Custom, and Cultural Change as …leonidzhukov.net/hse/2013/socialnetworks/papers/atheory... · 2013. 12. 10. · Bikhchandani, Sushil; Hirshleifer, David;

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Page 35: A Theory of Fads, Fashion, Custom, and Cultural Change as …leonidzhukov.net/hse/2013/socialnetworks/papers/atheory... · 2013. 12. 10. · Bikhchandani, Sushil; Hirshleifer, David;

Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.