Topic 9: Group Behaviour in Social Networks

Question 1

Evolutionary game theory

Answer 1

the study of interaction among populations of agents where behaviour is not determined by conscious choices and instead by genes or other factors

Question 2

Evolutionary Stable Strategy (ESS)

Answer 2

A strategy that, when adopted by a population, cannot be invaded by an alternative strategy as it yields a strictly greater fitness

Question 3

Information Cascade

Answer 3

A situation where individuals, despite their own private information, follow the actions of others, assuming those actions reflect better information potentially leading to the agents form the wrong conclusion e.g. The Herding Experiment

Question 4

What Stops an Information Cascade?

Answer 4

1. New Information
2. Network Structure (Weak links)