herding behavior and market risk. Moreover, speculators' orders depend on price trends, market misalignments and fundamental … news. Using a mix of analytical and numerical tools, we show that a herding-induced market entry wave may amplify excess …

This paper employs numerical simulations of the Park and Sabourian (2011) herd model to derive new theory …-based predictions for how information risk and market stress influence aggregate herding intensity. We test these predictions … sell herding. The model also explains why buy, not sell, herding is more pronounced during the financial crisis. …

In this paper, I present an empirical model of learning under ambiguity in the context of clinical trials. Patients are … concern with learning the treatment effect of the experimental drug, but face the ambiguity of random group assignment. A two … dimensional Bayesian model of learning is proposed to capture patients' beliefs on the treatment effect and group assignment …

multi-period forecasting model that is estimated under both adaptive learning and rational expectations. Term structure … neglected in the adaptive learning literature. Relative to the rational expectations version, our estimated DSGE model under … adaptive learning largely improves the model fit to the data, which include not just macroeconomic data but also the yield …

Learning or experience curves are widely used to estimate cost functions in manufacturing modeling. They have recently … shows that there is a fundamental statistical identification problem in trying to separate learning from exogenous … technological change and that the estimated learning coefficient will generally be biased upwards. Second, we present two empirical …

We test if firms statistically discriminate workers based on race when employer learning is asymmetric. Using data from … the NLSY79, we find evidence of asymmetric employer learning. In addition, employers statistically discriminate against …

genanntes Herdenverhalten zeigen. Auf der Basis unterschiedlicher theoretischer Modellansätze wird skizziert, warum Prognostiker ….S.-Dollar eingesetzt, um empirisch auf Herdenverhalten zu testen. Die Ergebnisse deuten darauf hin, dass nicht Herdenverhalten, sondern … Anti-Herding vorzuherrschen scheint. Die Prognostiker scheinen daher im Hinblick auf ihre Prognosen "Produktdifferenzierung …