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 …

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 …

. 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 …

This paper employs a new and comprehensive data set to investigate short-term herding behavior of institutional … investors. Using data of all transactions made by financial institutions in the German stock market, we show that herding … behavior occurs on a daily basis. However, in contrast to longer-term herding measures obtained from quarterly data, results …

Traditional models of bank runs do not allow for herding effects, because in these models withdrawal decisions are …'s portfolio, and the withdrawal histories of the other depositors. In some cases, the optimal banking contract permits herding …

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 …