Self-Correcting Information Cascades
实验发现理论上易发严重信息级联的环境中，实际级联短暂且自我纠正，基于量化反应均衡的模型解释了级联形成、崩溃和反转的循环，数据支持模型并发现私人信息被过度加权。
We report experimental results from long sequences of decisions in environments that are theoretically prone to severe information cascades. Observed behaviour is much different—information cascades are ephemeral. We study the implications of a theoretical model based on quantal response equilibrium, in which the observed cascade formation/collapse/formation cycles arise as equilibrium phenomena. Consecutive cascades may reverse states, and usually such a reversal is self-correcting: the cascade switches to the correct state. These implications are supported by the data. We extend the model to allow for base rate neglect and find strong evidence for overweighting of private information. The estimated belief trajectories indicate fast and efficient learning dynamics.