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Star Artists and Herding in Fine Arts’ Market : Theory and Empirical Evidence
Azarmi, Ted F. - 2020
artists account for a large portion of the art auction volume. We provide empirical evidence for our theory of herding …This paper uses information cascades theory to analyze the art market. It focus on the art stars, explaining the … phenomenon that in the art market a small fraction of artists accounts for most of the trade and dominate the financial activity …
Persistent link: https://www.econbiz.de/10012857095
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Path-dependent behavior with asymmetric information about traders' types
Testa, Alessia - 2012
private information. Path-dependency can be of two types contingent on whether agents act with the crowd (herding) or against … uncertainty that their predecessors acted purely for liquidity motives. In this setting we recover herding and contrarianism and …-dependent behavior more easily than poorly informed ones. Moreover, we illustrate how a market dominated by herding features a price that …
Persistent link: https://www.econbiz.de/10009658112
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Adaptive social learning
March, Christoph - 2016
The paper investigates social-learning when the information structure is not commonly known. Individuals repeatedly interact in social-learning settings with distinct information structures. In each round of interaction, they use their experience gained in past rounds to draw inferences from...
Persistent link: https://www.econbiz.de/10011434567
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Altruistic observational learning
March, Christoph; Ziegelmeyer, Anthony - 2016
We report two information cascade game experiments that directly test the impact of altruism on observational learning. Participants interact in two parallel sequences, the observed and the unobserved sequence. Only the actions of the observed entail informational benefits to subsequent...
Persistent link: https://www.econbiz.de/10011436128
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The effect of rating agencies on herd behaviour
Ferri, Giovanni; Morone, Andrea - 2008
This paper purports to provide some evidence on the effect of rating agencies on herding in financial markets. By means …
Persistent link: https://www.econbiz.de/10011523646
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Excessive Herding in the Laboratory : The Role of Intuitive Judgments
March, Christoph - 2018
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 …
Persistent link: https://www.econbiz.de/10012924978
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Do Analysts Herd? An Analysis of Recommendations and Market Reactions
Jegadeesh, Narasimhan - 2010
when they make stock recommendations. Our empirical results support the herding hypothesis. Stock price reactions following …
Persistent link: https://www.econbiz.de/10013148421
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Sequential Adoption Theory : A Theory for Understanding Herding Behavior in Early Adoption of Novel Technologies
Walden, Eric - 2014
Technology adoption often occurs sequentially, so that later potential adopters can see the decisions (adopt or not adopt) of earlier potential adopters. In this paper we review the literature on observational learning, in which people use information gained by observing the behavior of others...
Persistent link: https://www.econbiz.de/10012750895
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Excessive herding in the laboratory : the role of intuitive judgments
March, Christoph; Ziegelmeyer, Anthony - 2018
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 …
Persistent link: https://www.econbiz.de/10011789104
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Herd Behavior in FDA Committees : A Structural Approach
Newham, Melissa - 2018
concerns of herding and momentum effects the procedure was changed to simultaneous voting. Exploiting a novel dataset of more … structural model that allows us to measure the magnitude and importance of informational herding. We show that experts, voting on …
Persistent link: https://www.econbiz.de/10012915444