Herd Behavior of Japanese Economists

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Herd Behavior of Japanese Economists

Author Info

Ashiya, M.
Doi, T.

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Abstract

Suppose competent economists obtain common information on business forecasts, and incompetent economists obtain independent information. If no one knows who is able, young economists mimic others because a forecast different from others indicated inability when it proves wrong. An older economist, however, can infer his ability from past information. Those who got useful information stop herding to signal their ability when economists are heterogeneous. All economists herd together when economists are homogenous and the merit from signaling is small. The empirical results suggests that Japanese economists are more homogenous than American.

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Publisher Info
Paper provided by Osaka - Institute of Social and Economic Research in its series Papers with number 479.

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Length: 42 pages
Date of creation: 1999
Date of revision:
Handle: RePEc:fth:osakae:479

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Related research
Keywords: FORECASTS ; UNCERTAINTY ; INFORMATION;

Other versions of this item:

Article
- Ashiya, Masahiro & Doi, Takero, 2001. "Herd behavior of Japanese economists," Journal of Economic Behavior & Organization, Elsevier, vol. 46(3), pages 343-346, November. [Downloadable!] (restricted)

Find related papers by JEL classification:
D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

Hirshleifer, David & Teoh, Siew Hong, 2008. "Thought and Behavior Contagion in Capital Markets," MPRA Paper 9164, University Library of Munich, Germany. [Downloadable!]
Other versions:
- Hirshleifer, David & Teoh, Siew Hong, 2008. "Thought and Behavior Contagion in Capital Markets," MPRA Paper 9142, University Library of Munich, Germany. [Downloadable!]
Mathias Drehmann & Jörg Oechssler & Andreas Roider, 2004. "Herding and Contrarian Behavior in Financial Markets - An Internet Experiment," Discussion Papers 7, SFB/TR 15 Governance and the Efficiency of Economic Systems, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich. [Downloadable!]
Other versions:
- Mathias Drehmann & Joerg Oechssler & Andreas Roider, 2003. "Herding and Contrarian Behavior in Financial Markets: An Internet Experiment," University of California at Santa Barbara, Economics Working Paper Series 18-03, Department of Economics, UC Santa Barbara. [Downloadable!]
- Mathias Drehmann & Joerg Oechssler & Andreas Roider, 2002. "Herding and Contrarian Behavior in Financial Markets - An Internet Experiment," Finance 0210005, EconWPA. [Downloadable!]
- Mathias Drehmann & Joerg Oechssler & Andreas Roider, 2002. "Herding and Contrarian Behavior in Financial Markets - An Internet Experiment," Experimental 0210001, EconWPA. [Downloadable!]
- Roider, Andreas & Mathias Drehmann & Jorg Oechssler, 2003. "Herding and Contrarian Behavior in Financial Markets - An Internet Experiment," Royal Economic Society Annual Conference 2003 177, Royal Economic Society. [Downloadable!]
- Mathias Drehmann & Jörg Oechssler & Andreas Roider, 2002. "Herding and Contrarian Behavior in Financial Markets - An Internet Experiment," Bonn Econ Discussion Papers bgse25_2002, University of Bonn, Germany, revised Apr 2003. [Downloadable!]
- Mathias Drehmann & Jörg Oechssler, 2004. "Herding and Contrarian Behavior in Financial Markets - An Internet Experiment," Econometric Society 2004 North American Winter Meetings 55, Econometric Society. [Downloadable!]
- Mathias Drehmann & Jorg Oechssler & Andreas Roider, 2005. "Herding and Contrarian Behavior in Financial Markets: An Internet Experiment," American Economic Review, American Economic Association, vol. 95(5), pages 1403-1426, December. [Downloadable!]
Kosei Fukuda, 2009. "Forecasting growth cycle turning points using US and Japanese professional forecasters," Empirical Economics, Springer, vol. 36(2), pages 243-267, May. [Downloadable!] (restricted)

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