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| Author: | Quiamzade, A. L'Huillier, J-P. |
| Title: | Herding by attribution of privileged information |
| Journal: | Journal of Behavioral Decision Making
2009 : JAN, VOL. 22:1, p. 1-19 |
| Index terms: | Switzerland finance markets competencies |
| Freeterms: | expertise herding |
| Language: | eng |
| Abstract: | A situation with agents taking extreme actions and the way of others imitating these actions is explored. It is shown by Experiment 1 (for' Experiment' as: Exp.) that an expert first mover had an advantage in getting herding by others on the investment decision, when compared to a non-expert first mover. It is shown by Exp. 2 that this advantage only appeared when the first mover's investment was out-of-the-ordinary (hereafter as: out-of-ord). In Exp. 3, there was the same level of herding when the first mover had privileged information, instead of being an expert. The Exp. 4 showed that when people observed the same out-of-ord. investment, without knowledge of whether the first mover had privileged information or not. In fact, this study's data uncovered that participants thought that the unknown first mover had privileged information. |
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