We discuss the influence of various mechanisms of information contagion on the dynamics of choices in social networks of decision makers. We show that both polling and contagion processes often end up in herding behaviour, with most agents taking uniformly either one view or the other, even in...

We present a model of opinion dynamics in which agents adjust continuous opinions as a result of random binary encoun ters whenever their difference in opinion is below a given threshold. High thresholds yield convergence of opinions towards an average opinion, whereas low thresholds result in...

This paper discusses economic models in which agents interact directly with each other rather than through the price system as in the standard general equilibrium model. It is suggested that the relationship between micro and macro behavior is very different than that in the standard model and...