Herding is the process of bringing individuals (e.g. animals) together into a group. More specifically, we consider self– organized herding as the process of moving a set of individuals to a given number of locations (cluster centers) without any external control. We formally describe the relation between herding and clustering and show that any clustering model can be used to control herding p...

Herding and kernel herding are deterministic methods of choosing samples which summarise a probability distribution. A related task is choosing samples for estimating integrals using Bayesian quadrature. We show that the criterion minimised when selecting samples in kernel herding is equivalent to the posterior variance in Bayesian quadrature. We then show that sequential Bayesian quadrature ca...

Rational herd behavior and informationally efficient security prices have long been considered to be mutually exclusive but for exceptional cases. In this paper we describe conditions on the underlying information structure that are necessary and sufficient for informational herding. Employing a standard sequential security trading model, we argue that people may be subject to herding if and on...

PURPOSE Herding is a phenomenon by which individuals follow the behavior of others rather than deciding independently on the basis of their own private information. A herding-like phenomenon can occur in multiple sclerosis (MS) when a neurologist follows a therapeutic recommendation by a colleague even though it is not supported by best practice clinical guidelines. Limited information is curre...

We propose Mote Herding, a new system architecture for large scale, heterogeneous sensor networks. Mote herding uses a mix of many 8-bit sensor nodes (motes) and fewer but more powerful 32-bit sensor nodes (microservers). Mote herding groups motes into flocks that are connected via a multihop network to a microserver acting as a shepherd. Shepherds exploit their greater communications and compu...

We examine herding behavior of domestic and foreign investors in the Indonesian stock market. We document that both domestic and foreign investors from a particular brokerage firm tend to herd. The foreign investors exhibit a greater propensity to herd than domestic investors. However, when examining investor trading across brokerage firms, we find only weak evidence of herding by domestic inve...

In the empirical analysis we identify herding by documenting sequential correlation of lending decisions after controlling for listing heterogeneity and payoff externalities. We then distinguish rational herding from irrational herding based on the premise that publicly observable listing attributes should moderate the herding momentum if lenders are rational observational learners. In this sec...

Reconstructing stock herding strategies and land use is key to comprehending past human social organization and economy. We present laser-ablation strontium and carbon isotope data from 25 cattle (Bos taurus) to reconstruct mobility and infer herding management at the Swiss lakeside settlement of Arbon Bleiche 3, occupied for only 15 years (3384-3370 BC). Our results reveal three distinct isoto...

We extend the herding algorithm to continuous spaces by using the kernel trick. The resulting “kernel herding” algorithm is an infinite memory deterministic process that learns to approximate a PDF with a collection of samples. We show that kernel herding decreases the error of expectations of functions in the Hilbert space at a rateO(1/T )which is much faster than the usual O(1/ √ T ) for iid ...