Herd Behavior, the "Penguin Effect," and the Suppression of Informational Diffusion: An Analysis of Informational Externalities and Payoff Interdependency
分析技术采纳过程中信息溢出与网络外部性的相互作用，揭示信息外部性和收益相互依赖如何导致风险规避和集群行为，并探讨后续用户的羊群行为如何影响初始采纳决策。
This article analyzes a technology adoption process in which the effect of informational spillover interacts with network externalities. The interplay of informational externalities and payoff interdependency induces risk-averse and clustering behavior in the technology-adoption process. The analysis differs from the herd behavior literature in focusing on how the herd behavior of subsequent users influences the initial adoption decision. Moreover, herd behavior in this article stems from each agent's desire to inhibit the revelation of new information that can be used in a way detrimental to her, rather than from each agent's effort to free-ride on information contained in the decisions made by predecessors.