Learning and Herding - An Account of Hwang Woo-Suk Scandal

• 영문명: Learning and Herding - An Account of Hwang Woo-Suk Scandal
• 발행기관: 한국계량경제학회
• 저자명: In Ho Lee Yeon Joon Lee
• 간행물 정보: 『JOURNAL OF ECONOMIC THEORY AND ECONOMETRICS』Vol.19 No.2, 77~94쪽, 전체 18쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2008.06.30

영문 초록

A model of observational learning is constructed to explain the evolution of social opinion. In contrast to existing models, the model allows for uninformed agents who nevertheless make rational choices in view of their individual preferences. We apply the model to explain the time path of the accumulation of research funds in the case of the recent scandal involving a biomedical scientist, Hwang Woo-Suk. Empirical tests indicate that the evolution of social opinion represented by the research fund committed to the support of Hwang was induced by a low information arrival rate combined with private information of high precision when the agent is informed.

목차

Abstract

1. Introduction

2. The Model

3. Estimation

4. How Robust?

5. Concluding Remarks

References

키워드

observational learning Hwang Woo-Suk simulated method of moments