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Research Paper Series

Warwick Economics Working Research Series

Our Working Papers series feature new ideas and research from academics within the Department of Economics.

The vast majority of papers are available online, the early of which is from 1975. If a paper is unavailable online, hard copies can be requested free of charge.

If you wish to obtain a copy, please contact Helen Knight, quoting the Research Paper number.


View our archive of papers on RePec; the largest freely-available online database dedicated to Economics.

Latest paper

Title/Author(s) Abstract Number

Herding and Contrarian Behavior in Financial
Markets: An Experimental Analysis

Andreas Park and Daniel Sgroi

We analyze and con rm the existence and extent of rational informational herding and rational informational contrarianism in a financial market experiment, and compare and contrast these with equivalent irrational phenomena. In our study, subjects generally behave according to benchmark rationality. Traders who should herd or be contrarian in theory are the signi cant sources of both within the data. Correcting for subjects who can be identified as less rational increases our ability to predict herding or contrarian behavior considerably.
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