It is difficult to assess how much this gambling spirit is … - Didier Sornette

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It is difficult to assess how much this gambling spirit is active in the minds of individual investors. If it is, even to a small degree, it is relevant to our discussion since it makes investors prone to imitation and herding because they invest on little information. It may also explain the anomalously large volatility of prices and their potential instabilities.

Didier Sornette

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About Didier Sornette

Didier Sornette (born 25 June 1957) is Professor on the Chair of Entrepreneurial Risks at Swiss Federal Institute of Technology Zurich (ETH Zurich). He is also a professor of the Swiss Finance Institute, a professor associated with both the department of Physics and the department of Earth Sciences at ETH Zurich.

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Perhaps the most profound synthesis of physical sciences came from the realization that everything could be understood from "conservation laws" and symmetry principals.

Positive feedbacks, when unchecked, can produce runaways until the deviation from equilibrium is so large that other effects can be abruptly triggered and lead to ruptures and crashes.

The point is that humans are rarely at their best when they use rational reasoning.

It is difficult to assess how much this gambling spirit is active in the minds of individual investors. If it is, even to a small degree, it is relev… - Didier Sornette

About Didier Sornette

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