Herd Behavior in a Laboratory Financial Market
通过实验室金融市场实验，研究交易者是否会忽视私有信息而跟随他人交易，发现理论预测的羊群行为未出现，但出现了不交易和逆市交易等理论未预测的现象。
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).