Sequential Learning under Informational Ambiguity.
This paper investigates a sequential social learning problem in which individuals face ambiguity about others' signal structures and have max-min expected utility preferences, thereby exhibiting ambiguity aversion. Unlike previous findings, which suggest that learning outcomes depend on the specific...
| Publicado en: | American Economic Review Vol. 116; no. 1; pp. 209 - 246 |
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| Formato: | Artículo |
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American Economic Association
Jan2026
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=190584450&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 190584450 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00028282 AER jtl: American Economic Review issn: 00028282 maglogo: N pubinfo: dt: Jan2026 vid: 116 iid: 1 pid: 22 pub: American Economic Association artinfo: ui: 190584450 10.1257/aer.20231394 ppf: 209 ppct: 37 formats: tig: atl: Sequential Learning under Informational Ambiguity. aug: au: Chen, Jaden Yang affil: Department of Economics, University of North Carolina at Chapel Hill su: Social influence Social learning Ambiguity tolerance Sequential learning Ambiguity sug: subj: Social influence Social learning Ambiguity tolerance Sequential learning Ambiguity ab: This paper investigates a sequential social learning problem in which individuals face ambiguity about others' signal structures and have max-min expected utility preferences, thereby exhibiting ambiguity aversion. Unlike previous findings, which suggest that learning outcomes depend on the specifics of the learning environment, this study establishes information cascades as a robust outcome under ambiguity. With sufficient ambiguity, cascades arise almost surely, regardless of the statistical properties of signal structures. Moreover, standard results predicting the absence of cascades can easily break down: Even minimal ambiguity can trigger cascades when signals are bounded and lead to incorrect herding when signals are unbounded. (JEL D81, D82, D83) pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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