A Simple Model of Herd Behavior
分析了一个序贯决策模型，其中每个决策者会参考前人的决策，这可能导致从众行为，即人们忽视自身信息而模仿他人，最终导致无效率的均衡。
We analyze a sequential decision model in which each decision maker looks at the decisions made by previous decision makers in taking her own decision. This is rational for her because these other decision makers may have some information that is important for her. We then show that the decision rules that are chosen by optimizing individuals will be characterized by herd behavior; i.e., people will be doing what others are doing rather than using their information. We then show that the resulting equilibrium is inefficient.