Most real world situations that are susceptible to herding are also characterized by direct payoff externalities. Yet …, the bulk of the theoretical and experimental literature on herding has focused on pure informational externalities. In … effects, first-mover advantage, etc.) in a standard information-based herding model. Our results are based on an internet …

private information. Path-dependency can be of two types contingent on whether agents act with the crowd (herding) or against … uncertainty that their predecessors acted purely for liquidity motives. In this setting we recover herding and contrarianism and …-dependent behavior more easily than poorly informed ones. Moreover, we illustrate how a market dominated by herding features a price that …

. Higher risk taking may be explained by a higher degree of overconfidence, less herding behavior, or a lower degree of risk … of previous studies, we find that herding is decreasing with experience while the evidence concerning risk taking and …, geringeres Herdenverhalten oder durch geringere Risikoaversion erklärt werden. Da die Ergebnisse vorheriger Studien bezüglich des …

Bikhchandani und Sharma (2000), haben gezeigt, dass Herdenverhalten eine wichtige Rolle bei der Erklärung von Preisübertreibungen …

Most real world situations which are susceptible to herding are also characterized by direct payoff externalities. Yet … study several different forms of payoff externalities that interact with a standard herding model. More than 6000 subjects …, including a subsample of 267 consultants from an international consulting firm, participated in an internet experiment. We also …

herding. The model's original version suffers from the problem of N-dependence: its ability to replicate the statistical …

We derive microscopic foundations for a well-known probabilistic herding model in the agent-based finance literature …

We examine in an experiment the causes, consequences and possible cures of myopic loss aversion (MLA) for investment …

We examine in an experiment the causes, consequences and possible cures of myopic loss aversion (MLA) for investment …