La finanza comportamentale e l'effetto gregge

Herd behaviour comes to be identified as a phase in which individuals are strongly influenced by the behaviour of others; therefore agents act the same way or adopt similar behaviours, blindly following the decisions already taken by the crowd. This conduct, if considered in financial markets, could lead to the rise of the so-called “ Speculative bubbles”, for there is the tendency to emulate the others behaviours rather than deciding independently on the basis of their own, private information. Irrational choice is based on not having clear information: namely the investor decides without knowing the information held by the others agents, consequently being unaware of the relative sources. So an information cascade occurs , because each individual who joins does not make any informative contribution, given that private information is not subject to careful evaluation, which most of the time is often not said.