Editing Information cascade (section)

=== Empirical studies ===
In addition to the examples above, Information Cascades have been shown to exist in several empirical studies.  Perhaps the best example, given above, is.<ref name="Anderson"/> Participants stood in a line behind an urn which had balls of different colors.  Sequentially, participants would pick a ball out of the urn, look at it, and place it back into the urn.  The agent then voices their opinion of which color of ball (red or blue) there is a majority of in the urn for the rest of the participants to hear.  Participants get a monetary reward if they guess correctly, forcing the concept of rationality.

Other examples include
* De Vany and Walls<ref>{{cite journal|last=De Vany|first=A.|author2=D. Walls|title=Uncertainty in the movie industry: does star power reduce the terror of the box office?|journal=Journal of Cultural Economics|year=1999|volume=23|issue=4|pages=285–318|doi=10.1023/a:1007608125988|s2cid=54614446}}</ref>  create a statistical model of information cascades where an action is required.  They apply this model to the actions people take to go see a movie that has come out at the theatre.  De Vany and Walls validate their model on this data, finding a similar [[Pareto distribution]] of revenue for different movies.
* Walden and Browne also adopt the original Information Cascade model, here into an operational model more practical for real world studies, which allows for analysis based on observed variables.  Walden and Browne test their model on data about adoption of new technologies by businesses, finding support for their hypothesis that information cascades play a role in this adoption<ref>{{cite journal|last1=Walden|first1=Eric|last2=Browne|first2=Glenn|title=Information Cascades in the Adoption of New Technology|journal=ICIS Proceedings|year=2002|url=http://aisel.aisnet.org/icis2002/40/}}</ref>