Corrigendum: Herding in humans

The Non-Existence of Risk Attitude

“…If all my friends invest in hedge funds, it is likely that I will do it too. There has been an enormous amount of research from neuroscience to social science, and across a wide range of species, which suggests that imitative behavior is widespread across the biological and social world (e.g., Whiten et al, 2004; Boyd and Richerson, 2005; Hurley and Chater, 2005; Raafat et al, 2009). …”

Examining the Factors that Influence the Voluntary Disclosure of Information by Consumers to Commercial Organizations

“…Herding behaviour and social compliance of individuals are two well explored concepts in both marketing and psychology literature. Herding is defined as the mimicking of behaviours of others by one or more individuals, with some papers attributing this to the need of human beings for social acceptance (Raafat et al, 2009) or compliance with other individuals regarding a specific aspect (Langley et al, 2014). For example, papers like Huang and Chen (2006) and Langley et al (2014) explored online herding behaviours and patterns for the choosing of products, focusing on the importance of compliance with the masses even when there is no physical influence towards individuals (impersonal setting).…”

“…For example, papers like Huang and Chen (2006) and Langley et al (2014) explored online herding behaviours and patterns for the choosing of products, focusing on the importance of compliance with the masses even when there is no physical influence towards individuals (impersonal setting). Other papers (Baumeister and Leary, 1995) focused on the examination of herding and the factors that fuel it, while Raafat et al (2009;p.420) took a more generalist approach and supported that herding has a broad and universal application "…from intellectual fashion to mob violence", focusing also on its importance in an "increasingly interconnected world". It is also interesting to note that an increasing amount of papers focus on the influence and power of herding on investment behaviour (see Devenow and Welch, 1996;Seiler et al, 2014;Yao et al, 2014;Lamen and Harison, 2014).…”

Herd Behavior and its Effect on the Stock Market: An Economic Perspective

“…Finally, several conclusions will be made based on the obtained results, and some recommendations will be proposed. Raafat et al (2009) defined herding as the "synchronization of individuals' thoughts and activities in a group through local interactions between persons rather than by the deliberate coordination of the central authority in the community." Herding is also considered a basic construct, especially with the massive use of the internet for many collective phenomena, ranging from everyday social conduct, consumer decisions, economic bubbles, and political movements.…”

“…For example, in economics and finance, "herding" is the situation in which participants in the markets respond to knowledge about the behavior of market operators or participants, rather than the behavior of the markets. In other words, herd behavior is seen as a phenomenon in which, collectively, individuals act as part of a group, often making decisions as a group that they would not make as individuals (Raafat et al, 2009).…”