Most real world situations that are susceptible to herding are also characterized by direct payoff externalities. Yet, the bulk of the theoretical and experimental literature on herding has focused on pure informational externalities. In this paper we experi- mentally investigate the effects of...

This study wants to spot and analyse the “final financial instruments” in which French households’ financial savings are invested by making transparent their intermediated investments with mutual funds and life insurance corporations. It attempts to identify where French households’...