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Incorrigible Information: The Housing Bubble and Information Cascades
http://expertvoices.nsdl.org/ cornell-info204/ 2008/ 05/ 09/ incorrigible-information...
Incorrigible Information: The Housing Bubble and Information Cascades Friday, May 9th, 2008 8:02 am Contributed by: econ204blogger http://www.nytimes.com/2008/03/02/business/02view.html?pagewanted=2&_r=1&sq=information%20cascade&st=nyt&scp=1 One of my father’s favorite jokes is “What is the state bird of Florida? The construction crane!” For a time, I believed that the joke was more of a fact than a mere quip. Driving up A1A, a major thoroughfare that runs parallel to South Florida’s beaches, revealed hundreds of new condominium development project each soaring higher than the other.
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