Using experimental methodology, this paper explores how personality trait
affects individuals’ propensity to herd. Behavioral experiments show that
herding behavior is related to personality traits such as extraversion, low
self-esteem, and low likelihood of making mistakes during experiments. Some
indicators of political orientation is also related. These findings suggest that
herd behavior is a consequence of individuals adopting heuristics in decision
making process, and that rationality based theory alone.such as information
cascade theory.cannot provide satisfactory explanation.