When a sequence of decision makers with private information announce public predictions, initial conformity can create … an information cascade in which all future decision makers will rationally match the early announcements and disregard … associated with information cascade during sequential decision-making. In our experiment, a participant receives a private signal …

When a sequence of decision makers with private information announce public predictions, initial conformity can create … an information cascade in which all future decision makers will rationally match the early announcements and disregard … associated with information cascade during sequential decision-making. In our experiment, a participant receives a private signal …

actions that contradict their high quality signals they herd more extensively than predicted by Bayes-rational herding …-Bayesian updating and informational misinferences are the two channels that drive excessive herding, while the strong (resp. mild … observational learning accounts for the phenomenon of excessive herding, it captures well herd behavior with medium quality signals …

Expertise research shows quite ambiguous results on the abilities of experts in judgment and decision making (JDM …; allowing, for example, to predict under which conditions intermediates might outperform experts. Methodological requirements … for testing the proposed unifying theory under complex real-world conditions are discussed. -- Judgment and Decision …

We investigate whether two heuristics, the peak-end rule and herding, lead to cognitive biases in the index of consumer … herding consists in a too strong relationship from expectations about the future of respondents interviewed in a first round …