predicted by theory, we find that the presence of a flexible market price prevents herding. However, the presence of contrarian …

approximate the herding component among an ensemble of agents in the aggregate by a Langevin equation, we can either simulate the …

establish evidence of herding behaviour: the investors in our sample tend to prefer assets that had attracted strong interest in … previous periods. The herding behaviour relates to both the experience of the investor and the length of time of each … investment session. The results show that herding happens mostly in the first or final hour of long sessions. Herding behaviour …

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 … effects, first-mover advantage, etc.) in a standard information-based herding model. Our results are based on an internet …