An examination of herd behavior
in four mediterranean stock markets.
in financial markets: A review (2000)
We critically examine the idea that borrowing creates systemic externalities that give rise to herd behavior
, catching the economy in a trap of multiple equilibria from which it can escape only with the help of a countercyclical prudential policy.
Irrational conformity or herd behavior
is the behavior the subject presents when they are guided by intuitionistic and instinctive activities and influenced by the behavior or attitude of the object (Figure 1).
Zemsky, 1998, "Multidimensional Uncertainty and Herd Behavior
in Financial Markets", American Economic Review, 88, 4, September, 724-748.
Given the lengthy history of financial bubbles, market failures, and mass manias, it is apparent that the financial sector is quite susceptible to herd behavior
and emotion--factors that Depression-era economist John Maynard Keynes famously termed "animal spirits.
Ethical lapses, failures of understanding, herd behavior
, self-deception--all contributed to the financial crisis.
Those with no training-the vast majority of civilians panic and fall into herd behavior
Yes, this exemplifies herd behavior
based on incomplete information--collective movement.
arises, Keynes thought, not from attempts to deceive, but from the fact that, in the face of the unknown, we seek safety in numbers.
Comprised of a recent video, inkjet prints, and sculpture, the show describes how this Borg-like amalgam defines us, how there's nothing natural about the natural world, and how nature, like nudity, is largely the product of herd behavior