individuals with career concerns. As a result, herding can also arise from the fear of opposing consensus opinion and the … potential career consequences of being wrong. We empirically test for social learning and career concerns using novel data on … career concerns are an important source of herd behavior in these policy choices. Our findings have implications for the …

intra-bureaucracy information is more transparent. In other words, transparency may do more harm than good. We conduct a … case study of the Chinese bureaucracy and provide supportive evidence …