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Effects of consistency and accurate predictions of stock prices on herding in a simulated financial market.

Poster
Authors Maria Andersson
Martin Hedesström
Tommy Gärling
Published in Poster presented at the 29th annual conference of the Society for Judgment and Decision Making, Chicago, USA.
Publication year 2008
Published at Department of Psychology
Language en
Keywords Herding, financial markets, accuracy, social influence processes
Subject categories Psychology

Abstract

In a simulated financial market setting we investigate the degree to which participants in judgment tasks were influenced by other (fictitious) participants’ judgments. Two experiments examine the influence from random vs. accurate majorities (Experiment 1), random vs. accurate minorities (Experiment 2), and whether the influence was affected by instructing participants to focus on the accuracy in performance (Experiments 1 and 2). Results show that participants followed majorities irrespectively of their level of accuracy, whereas accurate minorities were more influential than random minorities. The focus instruction decreased majority influence, regardless of accuracy, but increased the influence from accurate minorities.

Page Manager: Webmaster|Last update: 9/11/2012
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