information at the principal's advantage, we test experimentally the principal's willingness to bias (overestimate or under …) principals do bias information, ii) agents trust the cheap-talk messages they receive and adjust their effort accordingly …

such differences are driven by different attitudes towards competition. In our experiment subjects choose between a …

. In a typical miscalibration experiment, subjects are asked to provide subjective confidence intervals. A very robust … miscalibration bias relied on extremely long and tedious procedures. Here, we design an experimental setting that provides several …

. overconfidence) as well as pessimism (resp. doubt) both emerge as optimal beliefs. Furthermore, we obtain a positive correlation …

Using the traditional herding measure of Lakonishok, Shleifer and Vishny (1992) (LSV) and the more recent measure of … Frey, Herbst and Walter (2007) (FHW), we assess herding by French equity mutual funds between 1999 and 2005. We show that … LSV herding amounts to 6.5%, while FHW herding is approximately 2.5 times stronger. We find that herding is stronger in …

formal explanation of this bias and propose a more appropriate measure of herding. We then turn to the properties of the new …This paper addresses the traditional Lakonishok, Shleifer and Vishny (LSV) herding measure and points out its lack of … propose a corrected version of their indicator. We also show that the real herding value is within an interval bounded by LSV …

communities in the fields of agriculture, herding and agroforestry. …

well-known phenomenon, namely the existence of a positive bias in experts' anticipations: the latter tend to over …-estimate earnings. In this paper, we study the properties of this bias according to various aspects, that is to say according to country …