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- W3122000327 abstract "We develop a structural model to address the question whether, and to what extent, expert panelists engage in herd behavior when voting on important policy questions. Our data comes from FDA advisory committees voting on questions concerning the approval of new drug applications. We utilize a change in the voting procedure from sequential to simultaneous voting to identify herding. Estimates suggest that around half of the panelists are willing to vote against their private assessment if votes from previous experts indicate otherwise and, on average, 9 percent of the sequential votes are actual herd-votes. Temporary committee members are more prone to herding than regular (standing) members. We find that simultaneous voting improves information aggregation given our estimates." @default.
- W3122000327 created "2021-02-01" @default.
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- W3122000327 date "2019-01-01" @default.
- W3122000327 modified "2023-09-28" @default.
- W3122000327 title "Do Expert Panelists Herd? Evidence from FDA Committees" @default.
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- W3122000327 doi "https://doi.org/10.2139/ssrn.3476536" @default.
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