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Herd behaviour and the emergence of clusters

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  • Gerben van Roekel
  • Martijn Smit

Abstract

Agglomeration externalities are generally credited as the prime cause of cluster formation. This theory is far from uncontroversial. We create an alternative perspective on clustering by integrating herd behaviour into the conceptualization of this process. An innovative agent-based model is used in which cluster formation is constructed from individual relocation decisions. It thus connects individual relocation decisions to macro-level emergent patterns and shows that imitation has the potential to severely exacerbate the effects of agglomeration economies on clustering on an urban scale. The outcomes of this model challenge the dominant neoclassical view on clustering. An alternative hypothesis is postulated in which the interaction between herd behaviour and agglomeration externalities is proposed as an explanation for cluster formation.

Suggested Citation

  • Gerben van Roekel & Martijn Smit, 2022. "Herd behaviour and the emergence of clusters," Spatial Economic Analysis, Taylor & Francis Journals, vol. 17(4), pages 499-519, October.
    • Handle: RePEc:taf:specan:v:17:y:2022:i:4:p:499-519
    DOI: 10.1080/17421772.2022.2061722
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    Cited by:

    1. David G. Green, 2023. "Emergence in complex networks of simple agents," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 18(3), pages 419-462, July.
    2. Bo-Chiuan Su & Li-Wei Wu & Hongxi Lin & Chieh-An Lin, 2023. "The Mediating Effect of Herd Behavior and Brand Attitude towards the Impact of Spokesman Credibility, Source Fit, and Online Word-of-Mouth on Purchase Intention," Sustainability, MDPI, vol. 15(1), pages 1-21, January.

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