English, Article, Journal or magazine article edition: Herding with and without Payoff Externalities - An Internet Experiment Mathias Drehmann; Jörg Oechssler; Andreas Roider

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Bookmark: http://trove.nla.gov.au/version/52749
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Herding with and without Payoff Externalities - An Internet Experiment
Author
  • Mathias Drehmann
  • Jörg Oechssler
  • Andreas Roider
Physical Description
  • preprint
Notes
  • Most real world situations that are susceptible to herding are also characterized by direct payoff externalities. Yet, the bulk of the theoretical and experimental literature on herding has focused on pure informational externalities. In this paper we experi- mentally investigate the effects of several different forms of payoff externalities (e.g., network effects, first-mover advantage, etc.) in a standard information-based herding model. Our results are based on an internet experiment with more than 6000 subjects, including a subsample of 267 consultants from an international consulting firm. We also replicate and review earlier cascade experiments. Finally, we study reputation e¤ects (i.e., the influence of success models) in the context of herding.
  • information cascades, herding, network e¤ects, experiment, internet.
  • RePEc:awi:wpaper:0420
  • Most real world situations which are susceptible to herding are also characterized by direct payoff externalities. Yet, the bulk of the theoretical and experimental literature focuses on pure informational externalities. In this paper we study several different forms of payoff externalities that interact with a standard herding model. More than 6000 subjects, including a subsample of 267 consultants from an international consulting firm, participated in an internet experiment. We also replicate and review earlier cascade experiments. Finally, we study reputation effects in the context of herding.
  • information cascades, herding, network effects, experiment, internet
  • RePEc:bon:bonedp:bgse15_2004
Language
  • English
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