We investigate the volatility return intervals in the NYSE and FOREX markets. We explain previous empirical findings using a model based on the interacting agent hypothesis instead of the widely-used efficient market hypothesis. We derive macroscopic equations based on the microscopic herding interactions of agents and find that they are able to reproduce various stylized facts of different mar...

This paper investigates whether Japanese banks followed herd behavior in lending in local financial markets during 1980—1999. By using loan data from Japanese banks, arranged by geographical area, we find leader-follower relationships between lending behavior of different types of banks. Specifically, herding is mostly caused by local banks. Local banks follow major banks in urban cities, while...

This paper takes a comparative approach to early farming, arguing that bioarchaeological work on Neolithic Europe can inform understanding of earlier cultivation and herding in the Near East, where the ‘package’ of crops and livestock emerged in the PPNB period. Evidence for intensive cultivation (‘garden agriculture’) integrated with small-scale herding is outlined for south-east and central E...

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 the conditions on the underlying information structure that are necessary and sufficient for informational herding and contrarianism. In a standard sequential security trading model, subject to sufficient noise trading, peop...

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

Our society is increasingly relying on the digitized, aggregated opinions of others to make decisions. We therefore designed and analyzed a large-scale randomized experiment on a social news aggregation Web site to investigate whether knowledge of such aggregates distorts decision-making. Prior ratings created significant bias in individual rating behavior, and positive and negative social infl...

Context Herding and mustering procedures during livestock management can be time-consuming, labour intensive, costly. The ability to gather animals virtually is an enticing notion but technology do this not widely commercially available. Aims eShepherd® virtual fencing system being developed for cattle may able remotely herd animals. This operates via global positioning system, requires wear a ...

BACKGROUND The Arctic area is a part of the globe where the increase in global temperature has had the earliest noticeable effect and indigenous peoples, including the Swedish reindeer herding Sami, are amongst the first to be affected by these changes. OBJECTIVE To explore the experiences and perceptions of climate change among Swedish reindeer herding Sami. STUDY DESIGN In-depth interview...

Abstract: In order to solve the cooperation of autonomous agent systems,an artificial immune network cooperation algorithm is proposed,which is based on Jerne’s idiotypic immune network hypothesis. A sheepdog herding problem is taken as an example. The relative position information of dogs with the sheep and sheep pen is taken as an antigen. Dogs’ action is taken as an antibody. We calculate an...