The herding of expert opinions is often rationalized as the outcome of social learning. However, experts are typically individuals with career concerns. As a result, herding can also arise from the fear of opposing consensus opinion and the potential career consequences of being wrong. We...

We document how imperfect information generates heterogeneous effects in information treatments with personalized high-frequency feedback and peer comparisons. In our field experiment in retail electricity, we find that high and low energy users symmetrically underestimate and overestimate their...