Individual risk tolerance and herding behaviors in financial forecasts
通过实验发现，个体风险容忍度越低，越倾向于发布与共识一致的预测，即表现出羊群行为，这至少部分源于认知偏差和对不确定性的直觉反应。
Abstract Financial analysts tend to demonstrate herding behavior, which sometimes compromises accuracy. A number of explanations spanning rational economic logic, cognitive biases, and social forces have been suggested. Relying on an experimental setting where participants forecast future earnings from a rich information set, we posit and obtain support for individual risk tolerance (or lack thereof) as an explanatory variable for herding behaviors. Specifically, less risk‐tolerant individuals forecast with less boldness and instead issue forecasts in agreement with the consensus forecast. The results are argued to be at least partially a product of cognitive biases and an intuitive reaction to uncertainty.