Go to content
UR Home

Herding and Contrarian Behavior in Financial Markets: An Internet Experiment

URN to cite this document:
Drehmann, M. ; Oechssler, J. ; Roider, Andreas
Date of publication of this fulltext: 10 Aug 2011 08:30


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 experiment. We find that the presence of a flexible market price prevents herding. The presence of contrarian ...


Owner only: item control page
  1. Homepage UR

University Library

Publication Server


Publishing: oa@ur.de

Dissertations: dissertationen@ur.de

Research data: daten@ur.de

Contact persons