"Nobody Goes There Anymore - it's too Crowded: " Level-k Thinking in the Restaurant Game by Federal Trade Commission

"Nobody Goes There Anymore - it's too Crowded: " Level-k Thinking in the Restaurant Game

Federal Trade Commission

48 pages missing pub info (editions)

nonfiction business economics food and drink informative medium-paced
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Description

In many decisions under uncertainty, individuals base their choices on what they learn from observing the choices of others as well as noisy private information, which can lead to herding behavior. However, herding may be discouraged if costs are ...

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