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Herding and Contrarian Behavior in Financial Markets: An Internet Experiment

Drehmann, M., 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.

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Abstract

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 ...

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Item type:Article
Date:2005
Institutions:Business, Economics and Information Systems > Institut für Volkswirtschaftslehre und Ökonometrie > Lehrstuhl für Mikroökonomik (Prof. Dr. Andreas Roider)
Interdisciplinary Subject Network:Not selected
Identification Number:
ValueType
10.1257/000282805775014317DOI
Related URLs:
URLURL Type
http://www.uni-heidelberg.de/md/awi/professuren/behfin/p1403.pdfAuthor
http://www.uni-heidelberg.de/md/awi/professuren/behfin/assetownership.pdfSupplementary Material
Dewey Decimal Classification:300 Social sciences > 330 Economics
Status:Published
Refereed:Yes, this version has been refereed
Created at the University of Regensburg:Unknown
Item ID:21711
Owner only: item control page

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