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Replication data for: Herd Behavior in a Laboratory Financial Market

Version
V0
Resource Type
Dataset
Creator
  • Cipriani, Marco
  • Guarino, Antonio
Publication Date
2005-12-01
Description
  • Abstract

    We study herd behavior in a laboratory financial market. Subjects receive private information on the fundamental value of an asset and trade it in sequence with a market maker. The market maker updates the asset price according to the history of trades. Theory predicts that agents should never herd. Our experimental results are in line with this prediction. Nevertheless, we observe a phenomenon not accounted for by the theory. In some cases, subjects decide not to use their private information and choose not to trade. In other cases, they ignore their private information to trade against the market (contrarian behavior).
Availability
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Relations
  • Is supplement to
    DOI: 10.1257/000282805775014443 (Text)
Publications
  • Cipriani, Marco, and Antonio Guarino. “Herd Behavior in a Laboratory Financial Market.” American Economic Review 95, no. 5 (November 2005): 1427–43. https://doi.org/10.1257/000282805775014443.
    • ID: 10.1257/000282805775014443 (DOI)

Update Metadata: 2020-05-18 | Issue Number: 2 | Registration Date: 2019-12-06

Cipriani, Marco; Guarino, Antonio (2005): Replication data for: Herd Behavior in a Laboratory Financial Market. Version: V0. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset. https://doi.org/10.3886/E116075