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Welcome to Science of Everyday Things. Our aim
is to explain how scientific phenomena can be
understood by observing common, real-world
events. From luminescence to echolocation to
buoyancy, the series will illustrate the chief prin-
ciples that underlay these phenomena and
explore their application in everyday life. To
encourage cross-disciplinary study, the entries
will draw on applications from a wide variety of
fields and endeavors.
According to the definition of herd behavior given above, herding results from
an obvious intent by investors to copy the behavior of other investors. This should
be distinguished from “spurious herding” where groups facing similar decision
problems and information sets take similar decisions. Such spurious herding is an
efficient outcome whereas “intentional” herding, as explained in Section I, need
not be efficient.