13
Feb
16

Herding and Contrarian Behavior in Financial Markets: An Experimental Analysis

See on Scoop.itBounded Rationality and Beyond

Abstract: We analyze and confirm the existence and extent of rational informational herding and rational informational contrarianism in a financial market experiment, and compare and contrast these with equivalent irrational phenomena. In our study, subjects generally behave according to benchmark rationality. Traders who should herd or be contrarian in theory are the signi cant sources of both within the data. Correcting for subjects who can be identified as less rational increases our ability to predict herding or contrarian behavior considerably.

See on www2.warwick.ac.uk



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