Abstract
This article is concerned with imitation and control in open-outery financial markets. By analyzing key elements of respectively crowd and network theory (mainly Gabriel Tarde and Harrison C. White) the article argues that market crowds to a wide extent are characterized by imitation. Such imitations take however multiple forms, including 'classic' crowd behavior (where unconscious action and affect rule) hut also different forms of intentional attempts to exert control. These latter forms are, we argues, better described by White's network theory. The article is derived front, and seeks to substantiate its claims by drawing on, an empirical study of derivatives markets.
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