Expert imitation in P2P markets
Expert imitation in P2P markets
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DOI：
10.1111/manc.12321
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发表时间：
2020-06
期刊：
影响因子：
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通讯作者：
G. Gao;M. Çaglayan;Yuelei Li;Oleksandr Talavera
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文献类型：
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作者：
G. Gao;M. Çaglayan;Yuelei Li;Oleksandr Talavera
本文对P2P借贷平台中的专家竞价模仿进行了研究。我们使用人人网的数据，其中包含有关169,779名投资者的信息，他们在2010年至2018年期间对111,284个贷款列表进行了3,947,996次出价。专家被定义为拥有更核心角色的投资者，或者在网络上花费更多时间或金钱的投资者。我们发现，普通投资者会模仿专业贷款人的出价。不活跃的贷款机构通过观察性学习学习顶级投资者的放贷行为，然后跟踪他们的行动，尽管他们不知道专家的身份。最后，我们发现专家很少模仿其他专家，但他们表现出羊群行为。
This paper investigates expert bidding imitation in peer-to-peer lending platforms. We employ data from Renrendai.com, which contains information about 169,779 investors who placed 3,947,996 bids on 111,284 loan listings from 2010 to 2018. The experts are defined as investors who either have more central roles or who spend more time or money on the network. We find that an average investor mimics the bids of expert lenders. Inactive lenders learn top investors' lending behaviour through observational learning and then follow their actions, although they do not know the experts' identity. Finally, we show that experts rarely imitate other experts, yet they exhibit herding behaviour.