The Importance of Informational Cascades in Bubbles

In thinking about bubbles in asset markets, I've come to the conclusion that the most important fact about bubbles is that market participants' decisions are not independent. And your work has been absolutely central to that understanding. So let's talk about how in a classic 1992 article titled, A Theory of Fads Fashion, Custom and Cultural Changes, informational cascades,. You and your co-authors, social bitchengidani and overwelch, defined what you call informational cascades.