Search results for "Herding"
showing 6 items of 26 documents
Specialization and herding behavior of trading firms in a financial market
2008
Agent-based models of financial markets usually make assumptions about agent’s preferred stylized strategies. Empirical validations of these assumptions have not been performed so far on a full-market scale. Here we present a comprehensive study of the resulting strategies followed by the firms which are members of the Spanish Stock Exchange. We are able to show that they can be characterized by a resulting strategy and classified in three well- defined groups of firms. Firms of the first group have a change of inventory of the traded stock which is positively correlated with the synchronous stock return whereas firms of the second group show a negative correlation. Firms of the third group…
Behavioral aspects of the European carbon market
2016
TEMA: El tema de esta tesis doctoral está basado en el campo de las finanzas del comportamiento en donde se proponen teorías basados en la psicología para explicar las anomalías del mercado de valores. Dentro de las finanzas del comportamiento, se supone que la estructura de la información y las características de los participantes del mercado influyen sistemáticamente en las decisiones de inversión de los individuos, así como en los resultados del mercado. Así pues, durante todo el estudio se analizaran ciertos comportamientos psicológicos que podrían afectar al comportamiento del mercado del carbono europeo y que de demostrarse su presencia alteraría la racionalidad de dicho mercado finan…
Whose voice? Understanding stakeholder involvement in law drafting affecting Sami reindeer herding
2019
A communication and a legal approach are combined to investigate stakehold-er involvement in law drafting affecting Sami reindeer herding. The thesis fo-cuses on Finland, participation in law drafting in the Act on Metsähallitus (For-est Management and Park Services) and consultation related to the adoption of the International Labour Organization (ILO) Convention No. 169 concerning Indigenous and Tribal Peoples in Independent Countries. The research aims at gaining a better understanding of communication preceding and during law drafting processes regarding indigenous land use. It clarifies the changing con-text of the law drafting in which the issue of land use is addressed. Study 1 provi…
Modeling initial Neolithic dispersal. The first agricultural groups in West Mediterranean
2015
Abstract In previous research, the SE-NW time-trend in the age of the earliest Neolithic sites across Europe has been treated as a signal of a global-scale process that brought farming/herding economies to the continent. Residual variation from this global time-trend is generally treated as ‘noise’. A Complex Adaptive Systems perspective views this empirical record differently. The apparent time-trend is treated as an emergent consequence of the interactions of individuals and groups of different scale. Here, we examine the dynamics of agricultural dispersals, using the rich body evidence available from the Iberian Peninsula as a case study. We integrate two complementary approaches: (1) cr…
"Rational herding in crowdfunding, social preferences under uncertainty, and overplacement in known and unknown tasks: a behavioral approach"
2020
It has been proved in this dissertation how experimental economics continues to be a tool that, as it nourishes theoretical economics (and viceversa), it keeps producing results that are necessary to understand how to articulate social relations which, ultimately, have consequences oneconomic relations. Specifically, Chapter 1 has studied how the dissemination of new information affects crowdfunding markets and the generation of herding behaviour. Specifically, we provide evidence in that such behaviour is rational and could be well moulded through optimal choice under uncertainty with Bayesian review of beliefs. In this sense, the effect of the first sponsors on the agents# behaviour has b…
Rational Herding in Reward-Based Crowdfunding: An MTurk Experiment.
2020
Crowdfunding is gaining popularity as a way of financing social sustainable initiatives. We performed a controlled economic experiment in MTurk by simulating a crowdfunding platform and developed a theoretical model that rationalizes herding behavior. The experiment was designed to test and quantify the causal effects of revealing specific information to prospective backers: (i) the number of early contributors already financing the project and (ii) positive opinions of other backers versus those of experts. The results show that early contributions to the campaign and positive opinions of peers act as a reinforcing signal to potential backers and affect backers&rsquo