The Importance of Availability Cascades in Housing Bubbles

An availability cascade is an informational slash reputational cascade mediated by the availability heuristic. It generates a self-reinforcing cycle whereby a particular belief becomes relentlessly more pervasive. I'd been aware of the concept for some time, and realised it might hold a more complete way to describe housing bubbles. Timor Karan was the original proponent of the idea,. He's Professor of Economics and Political Science at Duke University. As you'll hear, he's one of my favourite social scientists.