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Herding with and without Payoff Externalities - An Internet Experiment

URN to cite this document:
urn:nbn:de:bvb:355-epub-217073
Drehmann, M. ; Oechssler, J. ; Roider, Andreas
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Date of publication of this fulltext: 09 Sep 2011 15:44


Abstract

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 this paper, we experimentally investigate the effects of several different forms of payoff externalities (e.g., network effects, first-mover advantage, etc.) in ...

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