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herd instinct 【心理學】群居本能。

herder

This may at times be so serious as to lead to general panic , as herd instinct , following the sometimes deliberately transparent actions of the renowned market leaders , takes hold . this then results in problems of systemic dimensions , threatening financial meltdown and serious disruptions to financial intermediation and economic activities 有些時候市場大戶故意讓其他人清楚知道他們的買賣,觸發羊群效應,市場調整幅度可能大至引起普遍恐慌,最終釀成系統性問題,金融體系可能會崩潰,金融中介活動及正常經濟運作亦會遭到嚴重影響。

But i believe we had an easier task in that we were dealing with forms of human behaviour that were largely predictable - the profit motive , greed , herd instinct - and with the rule of the market and its imperfections 我們工作上所應付的都是牽涉人的行為模式市場規范及市場的不完善。由于人的行為大多數基于圖利,有時甚至涉及貪念與羊群心態等動機,這些都是可以預計,因此相信我們的工作會較為容易。

But the behaviour of financial markets is always very difficult to predict . they have the habit of over - reacting or over - shooting , particularly when market participants are seized , sometimes blindly , by the herd instinct 然而,金融市場的變化始終很難預料,而且容易反應過度或過急,尤其市場人士抱羊群心態時更容易會盲目行事。

Morality is the herd instinct in the individual 道德是個體的群居本能。