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| Tekijä: | Andersson, M. Hedesström, T.M. Gärling, T. |
| Otsikko: | Social influence on predictions of simulated stock prices |
| Lehti: | Journal of Behavioral Decision Making
2009 : JUL, VOL. 22:3, p. 271-279 |
| Asiasana: | financial markets |
| Vapaa asiasana: | social influence prediction herding |
| Kieli: | eng |
| Tiivistelmä: | The study addresses the importance of consistency for investors being influenced by others, which is called herding in financial markets. It is suggested that perceptions of consistency are based on repeated observations over time. Consistency may then be perceived as the agreement across time between investors' predictions, and it may also be related to variance over time in each investor's predictions. An experiment is conducted among 96 undergraduates making multi-trial predictions of future stock prices. Information about the current price and the predictions made by five fictitious others were given. The study reveals that participants were influenced by the others when they were in agreement, regardless of whether they varied their predictions over trials or not. |
SCIMA