Template-Type: ReDIF-Paper 1.0
Title: Herding with and without Payoff Externalities - An Internet Experiment
Author-Name: Mathias Drehmann
Author-Name: Jörg Oechssler
Author-Name: Andreas Roider
Author-Email: 
Classification-JEL: C92, D8
Keywords: information cascades, herding, network effects, experiment, internet
Abstract:  Most real world situations which are susceptible to herding are also characterized by direct payoff externalities. 
	Yet, the bulk of the theoretical and experimental literature focuses on pure informational externalities. In this paper we 
	study several different forms of payoff externalities that interact with a standard herding model. More than 6000 subjects, 
	including a subsample of 267 consultants from an international consulting firm, participated in an internet experiment. We 
	also replicate and review earlier cascade experiments. Finally, we study reputation effects in the context of herding.
Note: 
Length: 26
Creation-Date: 2004-08	
Revision-Date: 
File-URL: http://www.wiwi.uni-bonn.de/bgsepapers/bonedp/bgse15_2004.pdf
File-Format: application/pdf
Handle: RePEc:bon:bonedp:bgse15_2004