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Drehmann, M. and Oechssler, J. and Roider, Andreas (2007) Herding with and without Payoff Externalities - An Internet Experiment. International Journal of Industrial Organization 25, pp. 391-415.
Drehmann, M. and Oechssler, J. and Roider, Andreas (2005) Herding and Contrarian Behavior in Financial Markets: An Internet Experiment. American Economic Review (AER) 95 (5), pp. 1403-1426.