A Theory of Fads, Fashion, Custom, and Cultural Change as Informational Cascades
提出信息级联理论，解释为何个体在观察他人行为后可能忽略自身信息而跟风，从而引发局部从众行为和大众行为的脆弱性。
An informational cascade occurs when it is optimal for an individual, having observed the actions of those ahead of him, to follow the behavior of the preceding individual without regard to his own information. We argue that localized conformity of behavior and the fragility of mass behaviors can be explained by informational cascades.