Skip to content
Open global navigation

Cambridge University Press

AcademicLocation selectorSearch toggleMain navigation toggle

Your Cart


You have 0 items in your cart.

Register Sign in Wishlist
Rational Herds

Rational Herds
Economic Models of Social Learning

$64.99 (Z)

  • Date Published: November 2003
  • availability: Available
  • format: Paperback
  • isbn: 9780521530927

$64.99 (Z)

Add to cart Add to wishlist

Other available formats:
Hardback, eBook

Looking for an examination copy?

If you are interested in the title for your course we can consider offering an examination copy. To register your interest please contact providing details of the course you are teaching.

Product filter button
About the Authors
  • Social learning involves individuals learning from the behavior of others and may lead to spectacular outcomes such as herding, fads, frenzies, crashes, and booms. Providing a synthesis of the theoretical literature of the last ten years, Christophe Chamley demonstrates how these pathologies may occur in a society of rational individuals. His book provides informal as well as technical analyses for readers interested in social behavior, and more advanced researchers in economics, finance, and other social sciences. A key feature is the inclusion of exercises in each chapter, with proofs written out for students.

    • Best, broadest, most student-friendly review of the major topics in macroeconomics (herding, learning, crashes, booms, etc.)
    • Author is internationally known as a state-of-the-art researcher at the forefront of these technical fields
    • Exercises with each chapter, proofs written out for students
    Read more

    Reviews & endorsements

    "Christophe Chamley brings the reader to the state of the art in formal modeling of social learning. His treatment of this burgeoning literature is extraordinarily clear and comprehensive. This book, by an author who has himself made major contributions to the subject, is destined to become a standard reference in the area." Sushil Bikhchandani, UCLA

    "Over the past decade there has been an explosion of interest in the field of social learning. Far from being a fad, this field is developing into one of the richest areas of economic research, with an ever-growing list of applications. Christophe Chamley has made profound contributions to the growth of the field, and presents us now with the definitive guide. His book is essential reading not only for graduate students, but also for current researchers trying to stay abreast of new findings. It helps us understand not only where the literature came from, but also where it is going." Andrew Caplin, New York University

    "This book is a notable achievement. It is ambitious in scope, and provides substantive understanding of how different models in the area work. It offers a deep understanding of the range of validity of different conclusions in the literature and the relations between different possible model results. The general economist will find a rigorous and lucid in-depth introduction to the field. Even experts in the field will find here many challenges as well as enlightenment. Chamley's book promises to be the key reference on rational models of social learning in economics for some time to come." David Hirshleifer, Ohio State University

    "Chamley has chosen a topic of great interest to all academics in the social sciences. The tendency of human beings to conformity intrigues social psychologists and anthropologists, and the implications of mass behavior are important in politics, economics, and finance. Chamley fully understands this material and conveys it clearly in this book." Peter Norman Sorensen, University of Copenhagen

    See more reviews

    Customer reviews

    Not yet reviewed

    Be the first to review

    Review was not posted due to profanity


    , create a review

    (If you're not , sign out)

    Please enter the right captcha value
    Please enter a star rating.
    Your review must be a minimum of 12 words.

    How do you rate this item?


    Product details

    • Date Published: November 2003
    • format: Paperback
    • isbn: 9780521530927
    • length: 418 pages
    • dimensions: 254 x 178 x 22 mm
    • weight: 0.72kg
    • contains: 68 b/w illus. 7 tables 61 exercises
    • availability: Available
  • Table of Contents

    1. Introduction
    Part I. Social Learning:
    2. Bayesian tools
    3. Social learning with a common memory
    4. Cascades and herds
    5. Limited memories
    6. Delays
    7. More delays
    8. Outputs
    9. Networks and diffusion
    10. Words
    Part II. Coordination:
    11. Guessing to coordinate
    12. Learning to coordinate
    13. Delays and payoff externalities
    Part III. Financial Herding:
    14. Sequences of financial trades
    15. Gaussian financial markets
    16. Financial frenzies.

  • Instructors have used or reviewed this title for the following courses

    • Advanced Microeconomic Theory/Mathematical Economics
    • An introduction to Game Theory
  • Author

    Christophe P. Chamley, Boston University

Sign In

Please sign in to access your account


Not already registered? Create an account now. ×

Sorry, this resource is locked

Please register or sign in to request access. If you are having problems accessing these resources please email

Register Sign in
Please note that this file is password protected. You will be asked to input your password on the next screen.

» Proceed

You are now leaving the Cambridge University Press website, your eBook purchase and download will be completed by our partner Please see the permission section of the catalogue page for details of the print & copy limits on our eBooks.

Continue ×

Continue ×

Find content that relates to you

Back to top

Are you sure you want to delete your account?

This cannot be undone.

Cancel Delete

Thank you for your feedback which will help us improve our service.

If you requested a response, we will make sure to get back to you shortly.

Please fill in the required fields in your feedback submission.