Herding and anti-herding: A model of reputational differentiation

被引：38

作者：

Effinger, MR

Polborn, MK

机构：

[1] Univ Munich, Seminar Versicherungswissensch, D-80539 Munich, Germany

[2] Univ Munich, Munich, Germany

[3] Univ Sci Sociales Toulouse, Toulouse, France

来源：

EUROPEAN ECONOMIC REVIEW | 2001年 / 45卷 / 03期

关键词：

herding; strategic communication; career concerns;

D O I：

10.1016/S0014-2921(00)00070-2

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We analyze a model related to the strategic herding literature where a second expert maximizes his expected second period value by conforming with a first expert ('herding'). In contrast to the herding literature we assume that an agent is most valuable if he is the only smart agent. If the value of being the only smart agent is sufficiently large, the second expert always opposes its predecessor's report; otherwise, herding may result. (C) 2001 Elsevier Science B.V. All rights reserved. JEL classification: D8; L0.

引用

页码：385 / 403

页数：19

共 16 条

[1] [Anonymous], 1996, J EC SURVS
[2] A SIMPLE-MODEL OF HERD BEHAVIOR
BANERJEE, AV
[J]. QUARTERLY JOURNAL OF ECONOMICS, 1992, 107 (03) : 797 - 817
[3] A THEORY OF FADS, FASHION, CUSTOM, AND CULTURAL-CHANGE AS INFORMATIONAL CASCADES
BIKHCHANDANI, S
HIRSHLEIFER, D
WELCH, I
[J]. JOURNAL OF POLITICAL ECONOMY, 1992, 100 (05) : 992 - 1026
[4] Borland Jeff, 1992, J EC SURVEYS, V6, P251
[5] When managers cover their posteriors: Making the decisions the market wants to see
Brandenburger, A
Polak, B
[J]. RAND JOURNAL OF ECONOMICS, 1996, 27 (03) : 523 - 541
[6] RATIONAL FRENZIES AND CRASHES
BULOW, J
KLEMPERER, P
[J]. JOURNAL OF POLITICAL ECONOMY, 1994, 102 (01) : 1 - 23
[7] What have we learned from social learning?
Gale, D
[J]. EUROPEAN ECONOMIC REVIEW, 1996, 40 (3-5) : 617 - 628
[8] Herding among investment newsletters: Theory and evidence
Graham, JR
[J]. JOURNAL OF FINANCE, 1999, 54 (01) : 237 - 268
[9] Grimmett G.R., 1992, Probability and Random Processes, V2nd
[10] HIRSCHLEIFER D, 1992, NEW PALGRAVE DICT MO

← 1 2 →