Drehmann, Mathias; Oechssler, Jörg; Roider, Andreas - In: American Economic Review 95 (2005) 5, pp. 1403-1426
We report results of an Internet experiment designed to test the theory of informational cascades in financial markets (Christopher Avery and Peter Zemsky, 1998). More than 6,400 subjects, including a subsample of 267 consultants from an international consulting firm, participated in the...