Optimizing information in the herd: Guinea pigs, profits, and welfare (Q700131)
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scientific article; zbMATH DE number 1809700
| Language | Label | Description | Also known as |
|---|---|---|---|
| English | Optimizing information in the herd: Guinea pigs, profits, and welfare |
scientific article; zbMATH DE number 1809700 |
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Optimizing information in the herd: Guinea pigs, profits, and welfare (English)
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30 September 2002
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This paper evaluates the strategy of forcing a subset of agents to make their decision early from the perspective of a social planner, and a firm with a valuable or valueless product. Promotional activity by firms can be explained as an attempt to overcome the herd externality and maximize sales.
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social planner
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valuable or valueless product
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herd externality
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maximize sales
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