Drehmann, Mathias; Oechssler, Joerg; Roider, Andreas - 2004 - Revised version: June 2004, First version: November 2002
predicted by theory, we find that the presence of a flexible market price prevents herding. However, the presence of contrarian … designed to test the theory of informational cascades in financial markets (Avery and Zemsky, AER, 1998). More than 6400 …