Using a high-stakes field experiment conducted with a financial brokerage, we implement a novel design to separately … asset, his peers may also want to purchase it, both because they learn from his choice ("social learning") and because his …

We designed four observational learning experiments to identify the key channels that, along with Bayes …-rational inferences, drive herd behavior. In Experiment 1, unobserved, whose actions remain private, learn from the public actions made in … observational learning accounts for the phenomenon of excessive herding, it captures well herd behavior with medium quality signals …

Using a high-stakes field experiment conducted with a financial brokerage, we implement a novel design to separately … asset, his peers may also want to purchase it, both because they learn from his choice ("social learning") and because his …