Herding is term used to describe behavior, very commonly used in behavioral economics. It suggests that human beings tend to operate in groups and are unwilling to go against the general consensus.
围绕放牧的理论有许多不同的理论,最著名的是级联,其中说,只有一个明智的投资者决定使所有投资者都追随他,假设他最了解他。
An excellent example of herding is the 2008 sub-prime crisis. The assets backing CDOs were clearly extremely low quality, but because everyone was doing it, most investors decided to just buy them.
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