An Economic Psychological Approach to Herd Behavior
@article{Rook2006AnEP,
title={An Economic Psychological Approach to Herd Behavior},
author={L. Rook},
journal={Journal of Economic Issues},
year={2006},
volume={40},
pages={75 - 95}
}Herd behavior refers to the phenomenon of people following a crowd for a given period, sometimes "even regardless of individual information suggesting something else" (Banerjee 1992, 798). The phenomenon of herd behavior was among the first topics studied in social psychology (Van Ginneken 1992). Early economists like Thorstein Veblen (1899) and sociologists like Georg Simmel ([19041 1957) applied it to sudden shifts in consumer behavior such as fashions and fads. More recently, issues relating… CONTINUE READING
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