Herding in Mobile Payment: Evidence, Mechanism, and Heterogeneity
基于数百家杂货店近两千万笔交易数据，发现消费者在移动支付中存在羊群效应，即前一笔交易用移动支付会提高后续消费者使用概率，且模仿行为是主因，价格敏感度和使用经验会减弱该效应。
Abstract Using a proprietary data set containing nearly 20 million transactions over one and a half years from hundreds of grocery stores, we find evidence of herding among consumers in the use of mobile payment, that is, consumers are more likely to use mobile payment when any previous transaction within 1 min is paid with mobile. The effect of herding is stronger when consumers observe more mobile payment usage within a minute. Further, we find that irrational herding (mimicry) drives the observed herding behavior. Finally, we find that consumers’ price sensitivity and experience in mobile payment mitigate their herding, but the direct network effect does not affect herding.