Experimental analyses have identified significant tendencies for individuals to follow herd decisions, a finding which has been explained using Bayesian principles. This paper outlines the results from a herding task designed to extend these analyses using evidence from a functional magnetic resonance imaging (fMRI) study. Empirically, we estimate logistic functions using panel estimation techn...

In complex financial systems, the sector structure and volatility clustering are respectively important features of the spatial and temporal correlations. However, the microscopic generation mechanism of the sector structure is not yet understood. Especially, how to produce these two features in one model remains challenging. We introduce a novel interaction mechanism, i.e., the multi-level her...

Existing models show that herding in decisions can cause significant information loss, inferior information aggregation and impaired decision making. However, we show that in a multi-stage decision setting with endogenous information production, herding on the initial decision can actually result in superior aggregate information and improved decisions. This is because the possibility of herdin...

Chosen-target-forced-prefix (CTFP) preimage resistance is a hash function security property guaranteeing the inability of an attacker to commit to a hash function outcome h without knowing the prefix of the message to be hashed in advance. At EUROCRYPT 2006, Kelsey and Kohno described the herding attack against the Merkle-Damg̊ard design that results in a CTFP-preimage of length about n/3 blocks...

OBJECTIVES Unnatural deaths among Indigenous populations, including the Swedish Sami, occur more often than among the general population. To find prevention strategies, we explored the circumstances of the unnatural deaths of members of reindeer-herding Sami families. STUDY DESIGN The number of deaths from among a cohort of 7,482 members of reindeer-herding Sami families were retrieved from t...

There are increasing opportunities for robots to work amongst animals in agricultural systems. One potential application is in herding animals prior to catching or transportation. An effective herding robot must be able to interrupt ongoing animal behaviour without causing panic or flight reactions. The extent to which different approaching stimuli interrupted the feeding behaviour of pairs of ...

This paper examines the intentional herd behaviour of market participants, using Li’s test to compare the probability distributions of the scaled cross-sectional deviation in returns in the intraday market with the cross-sectional deviation in returns in an ‘artificially created’ market free of intentional herding effects. The analysis is carried out for both the overall market and a sample of ...

In this paper we develop a simple theoretical model to analyze the impact of institutional herding on asset prices. In our model, career-concerned money managers interact with pro…t-motivated proprietary traders and security dealers endowed with market power. The interaction between these three classes of traders generates rich implications. First, we show that the reputational concerns of fund...

So far, there has been no conclusion on the mechanism for herding, which is often discussed in the academia. Assuming escaping behavior of individuals in emergency is rational rather than out of panic according to recent findings in social psychology, we investigate the behavioral evolution of large crowds from the perspective of evolutionary game theory. Specifically, evolution of the whole po...

Article history: Received 13 December 2013 Received in revised form 26 February 2015 Accepted 2 March 2015 Available online 21 April 2015 When an agent has the opportunity to access public information, whether or not to acquire costly private information is a strategic decision. In this case, to study the informativeness of the revealed information, it is essential to consider the processes of ...