We consider a monopolist who sells identical objects of common but unknown value in a herding-prone environment. Buyers … pattern of prices and for herding. The analysis is performed under alternative assumptions about observability of prices. We … find that when previous prices are observable, herding may but need not arise. In contrast, herding arises immediately when …

We consider a monopolist who sells identical objects of common but unknown value in a herding-prone environment. Buyers … pattern of prices and for herding. The analysis is performed under alternative assumptions about observability of prices. We … find that when previous prices are observable, herding may, but need not, arise. In contrast, herding arises immediately …

We consider a monopolist who sells identical objects of common but unknown value in a herding-prone environment. Buyers … monopolist s optimal pricing strategy and its implications for the temporal pattern of prices and for herding. The analysis is … performed under alternative assumptions about observability of prices. We find that when previous prices are observable, herding …