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Behavioral Finance: Key Concepts - Herd Behavior

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Herd Instinct

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International Financial Crises

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We'll provide a PDF copy for your screen reader. Wiley on behalf of the Royal Economic Society. You can always find the topics here! Economic bubbles , Prices , Speculators , Herd behavior , Stock prices , Market prices , Infections , Economic value , Economic models , Investors.

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Terms Related to the Moving Wall Fixed walls: Journals with no new volumes being added to the archive. Journals that are combined with another title. Journals that are no longer published or that have been combined with another title. Article Tools Cite this Item Journal Info. Item Type Article Thumbnails References. You have javascript disabled. Read Online Beta Read Online Free relies on page scans, which are not currently available to screen readers.

To access this article, please contact JSTOR User Support. Add to your shelf. Subscribe to JPASS Monthly Plan. Abstract This paper attempts to formalise herd behaviour or mutual mimetic contagion in speculative markets. The emergence of bubbles is explained as a self-organising process of infection among traders leading to equilibrium prices which deviate from fundamental values.

It is postulated furthermore that the speculators' readiness to follow the crowd depends on one basic economic variable, namely actual returns. Above average returns are reflected in a generally more optimistic attitude that fosters the disposition to overtake others' bullish beliefs and vice versa. This economic influence makes bubbles transient phenomena and leads to repeated fluctuations around fundamental values. JSTOR Home About Search Browse Terms and Conditions Privacy Policy Cookies Accessibility Help Contact Us.

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