This paper investigates whether Japanese banks followed herd behavior in lending in local financial markets during 1980—1999. By using loan data from Japanese banks, arranged by geographical area, we find leader-follower relationships between lending behavior of different types of banks. Specifically, herding is mostly caused by local banks. Local banks follow major banks in urban cities, while...

This paper takes a comparative approach to early farming, arguing that bioarchaeological work on Neolithic Europe can inform understanding of earlier cultivation and herding in the Near East, where the ‘package’ of crops and livestock emerged in the PPNB period. Evidence for intensive cultivation (‘garden agriculture’) integrated with small-scale herding is outlined for south-east and central E...

Rational herd behavior and informationally efficient security prices have long been considered to be mutually exclusive but for exceptional cases. In this paper we describe the conditions on the underlying information structure that are necessary and sufficient for informational herding and contrarianism. In a standard sequential security trading model, subject to sufficient noise trading, peop...

Rational herd behaviour and informationally efficient security prices have long been considered to be mutually exclusive but for exceptional cases. In this paper we describe the conditions on the underlying information structure that are necessary and sufficient for informational herding and contrarianism. In a standard sequential security trading model, subject to sufficient noise trading, peo...

Our society is increasingly relying on the digitized, aggregated opinions of others to make decisions. We therefore designed and analyzed a large-scale randomized experiment on a social news aggregation Web site to investigate whether knowledge of such aggregates distorts decision-making. Prior ratings created significant bias in individual rating behavior, and positive and negative social infl...

range management needs information on distribution of livestock. the better the distribution of the livestock, the more uniform the use of the rangeland. this study was conducted to record the path of the herd steering by the shepherd. a gps was attached to a three year old ewe which was moving with the flock. the path of flock movement was recorded for three years on a monthly basis during the...

Abstract Herding is a deterministic algorithm used to generate data points regarded as random samples satisfying input moment conditions. This based on high-dimensional dynamical system and rooted in the maximum entropy principle of statistical inference. We propose an extension, entropic herding, which generates sequence distributions instead points. derived herding from optimization problem o...

Collective behavior of the complex socio-economic systems is heavily influenced by the herding, group, behavior of individuals. The importance of the herding behaviormay enable the control of the collective behavior of the individuals. In this contribution we consider a simple agent-based herding model modified to include agents with controlled state. We show that in certain case even the small...

BACKGROUND The Arctic area is a part of the globe where the increase in global temperature has had the earliest noticeable effect and indigenous peoples, including the Swedish reindeer herding Sami, are amongst the first to be affected by these changes. OBJECTIVE To explore the experiences and perceptions of climate change among Swedish reindeer herding Sami. STUDY DESIGN In-depth interview...