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Herding and Contrarian Behavior in Financial Markets: An Experimental Analysis

  • Park, A.
  • Sgroi, D.

We are the first paper to analyze and confirm the existence and extent of rational informational herding and rational informational contrarianism in a financial market experiment, and to compare and contrast these with the equivalent irrational phenomena. In our study, subjects generally behave according to benchmark rationality. Traders who should herd or be contrarian in theory are the significant source of both within the data. Correcting for subjects who chose not to trade at least once (an irrational action in itself), increases our ability to predict herding or contrarian behavior considerabl.

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File URL: http://www.econ.cam.ac.uk/research/repec/cam/pdf/cwpe0938.pdf
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Paper provided by Faculty of Economics, University of Cambridge in its series Cambridge Working Papers in Economics with number 0938.

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Date of creation: 12 Oct 2009
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Handle: RePEc:cam:camdae:0938
Contact details of provider: Web page: http://www.econ.cam.ac.uk/index.htm

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