Professional experts offer advice with the objective of appearing well informed. Their ability is evaluated on the …

efficacy of the expert's decision making. We show, however, that this conclusion is very sensitive to the specified cost …

We study reputational herding in financial markets in a laboratory experiment. In the spirit of Dasgupta and Prat (2008 …

Professional experts offer advice with the objective of appearing well informed. Their ability is evaluated on the …

Recent price trends in housing markets may reflect herding of market participants. A natural question is whether such … herding, to the extent that it occurred, reflects herding in forecasts of professional forecasters. Using survey data for … Canada, Japan, and the United States, we did not find evidence of forecaster herding. On the contrary, forecasters anti …

demand process, we distinguish between dictatorship associations, where groups of agents rely on one of them to make decision …, and democratic associations, where each agent takes part in the group decision. In the dictatorship model, agents …

conjecture that a limit of arbitrage due to a borrowing constraint and herding behavior by investors are related to these … neighbors but switch their strategies to a different one intermittently. We show that herding matters for volatility clustering … while a borrowing constraint intensifies the asymmetry of volatility through the herding effect. …