Observational learning and firm dynamics
研究消费者通过观察他人购买决策进行学习时，垄断企业如何利用价格引发信息瀑布，并分析信息瀑布的脆弱性如何体现在企业收入突然大幅变化（反转）中，发现稳定企业反转频率随年龄下降。
Abstract This article investigates the implications of observational learning for firm dynamics. Because consumers learn through past purchase decisions, monopolistic firms can induce information cascades through prices. We characterize when cascades arise and argue that the fragile nature of cascades is reflected in firm‐level data. We measure fragility using reversals: periods when a firm with historically stable revenues experiences a large, sudden change in earnings. We document a robust pattern that the frequency of reversals among stable firms declines with age, and show a calibration exercise delivers an untargeted age profile in line with the data. Finally, efficiency is discussed.