The Wisdom of the Crowd When Acquiring Information Is Costly

Published Online:https://doi.org/10.1287/mnsc.2020.3792

References

  • Ali SN (2018) Herding with costly information. J. Econom. Theory 175:713–729.CrossrefGoogle Scholar
  • Agrawal A , Catalini C , Goldfarb A (2013) Some simple economics of crowdfunding. NBER Working Paper No. 19133, National Bureau of Economic Research, Cambridge, MA.Google Scholar
  • Banerjee AV (1992) A simple model of herd behavior. Quart. J. Econom. 107(3):797–817.Google Scholar
  • Belleflamme P , Omrani N , Peitz M (2015) The economics of crowdfunding principals. Working paper, Université Catholique de Louvain, Ottignies-Louvain-la-Neuve, Belgium.Google Scholar
  • Block J , Koellinger P (2009) I can’t get no satisfaction: Necessity entrepreneurship and procedural utility. Kyklos 62(2):191–209.CrossrefGoogle Scholar
  • Bikhchandani S , Hirshleifer D , Welch I (1992) A theory of fads, fashion, custom, and cultural change as informational cascades. J. Political Econom. 100(5):992–1026.CrossrefGoogle Scholar
  • Burguet R , Vives X (2000) Social learning and costly information acquisition. Econom. Theory 15(1):185–205.CrossrefGoogle Scholar
  • Burtch G , Carnahan S , Greenwood B (2016) Can you gig it? An empirical examination of the gig-economy and entrepreneurial activity. Ross School of Business Paper 1308, University of Michigan, Ann Arbor.Google Scholar
  • Che Y-K , Hörner J (2018) Recommender systems as mechanisms for social learning. Quart. J. Econom. 133(2):871–925.Google Scholar
  • Ely J , Frankel A , Kamenica E (2015) Suspense and surprise. J. Political Econom. 123(1):215–260.Google Scholar
  • Ely JC (2017) Beeps. Amer. Econom. Rev. 107(1):31–53c.CrossrefGoogle Scholar
  • Geva H , Barzilay O , Oestreicher-Singer G (2019) A potato salad with a lemon twist: Using a supply-side shock to study the impact of opportunistic behavior on crowdfunding platforms. MIS Quart. 43(4):1227–1248.Google Scholar
  • Gershkov A , Szentes B (2009) Optimal voting schemes with costly information acquisition. J. Econom. Theory 144(1):36–68.CrossrefGoogle Scholar
  • Hendricks K , Sorensen A , Wiseman T (2012) Observational learning and demand for search goods. Amer. Econom. J. Microeconom. 4(1):1–31.CrossrefGoogle Scholar
  • Howe J (2008) Crowdsourcing: How the Power of the Crowd Is Driving the Future of Business (Random House, New York).Google Scholar
  • Kamenica E , Gentzkow M (2011) Bayesian persuasion. Amer. Econom. Rev. 101(6):2590–2615.CrossrefGoogle Scholar
  • Kremer I , Mansour Y , Perry M (2014) Implementing the wisdom of the crowd. J. Political Econom. 122(5):988–1012.CrossrefGoogle Scholar
  • Martimort D , Aggey S (2006) Continuity in mechanism design without transfers. Econom. Lett. 93(2):182–189.CrossrefGoogle Scholar
  • Mueller-Frank M , Pai MM (2016) Social learning with costly search. Amer. Econom. J. Microeconom. 8(1):83–109.CrossrefGoogle Scholar
  • Myerson R (1986) Multistage games with communication. Econometrica 54(2):323–358.CrossrefGoogle Scholar
  • Rayo L , Segal I (2010) Optimal information disclosure. J. Political Econom. 118(5):949–987.CrossrefGoogle Scholar
  • Sgroi D (2002) Optimizing information in the herd: Guinea pigs, profits and welfare. Games Econom. Behav. 39(1):137–166.CrossrefGoogle Scholar
  • Smith L , Sørensen N (2003) Pathological outcomes of observational learning. Econometrica 68(2):371–398.CrossrefGoogle Scholar
  • Smith L , Sorensen N , Tian J (2014) Informational herding, optimal experimentation, and contrarianism. Working paper, University of Wisconsin, Madison.Google Scholar
  • Wald A (1947) Sequential Analysis (John Wiley and Sons, New York).Google Scholar
INFORMS site uses cookies to store information on your computer. Some are essential to make our site work; Others help us improve the user experience. By using this site, you consent to the placement of these cookies. Please read our Privacy Statement to learn more.