羊群行为、P2P网贷_外文翻译.doc

译文（字数 2717）：

P2P网贷行业客户行为特征研究

当羊群行为出现时，个体遵循其他人的行为，一般都忽略了个体的行为他们自己的信息，这可能花费了他们太多的获得和分析。在这一想法之后，我们建议通过专注于投资者的决策时间变化来检测羊群行为。我们观察到，朋友的出价和投标计数对决定的重大影响投资者的决策时间，被认为是羊群行为的证据发现，贷款人更可能是在与更多的出价和朋友出价，但他们的利益将被减少作为行为的后果。贷款市场与需要小额贷款的人相匹配，但却无法从传统的借贷市场中获得贷款，而这些贷款主要由银行和其他金融机构提供，并愿意提供贷款美国在线对等网市场允许这些政党直接沟通。而银行作为中介，P2P借贷市场理论上可以给借款人带来显著效益。然而，在P2P网络借贷市场缺乏对人类行为的研究。羊群行为描述了各种社会状况，个人受到强烈的影响由他人决定。

外文原文（字符数 9616）：

外文出处： Binjie Luo,Zhangxi Lin.  A decision tree model for herd behavior and                    empirical evidence from the online P2P lending market[J]. Information Systems and e-Business management.2013(1) 

 Data from Prosper.com provides us with a good opportunity to explore empirical evidences for herd behavior. When herd behavior arises, individuals follow the behaviors of other people and generally ignore their own information which might cost them too much to obtain or analyze. Following this idea, we propose to detect herd behavior by focusing on investors’ decision-making time variation. We observed that friend bids and bid counts impose significant effects on the decision-making time of investors, which is considered as the evidence of herding. We also conduct empirical analyses to address the impact of herd behavior on an individual’s benefit. We reveal that lenders are more likely to herd on listings with more bids and friend bid, but their benefit will be reduced as the consequence of the behavior.The online peer-to-peer (P2P)lending market matches people who need small loans but are unable to get them from traditional lending markets, which are hosted primarily by banks and other financial institutions with willing lenders. The online P2P market allows these parties to communicate peer-to-peer directly. Without banks as intermediaries, the P2P lending market can theoretically bring significant benefits to both borrowers and lenders. However, there is a dearth of research on human behavior in the online P2P lending market. Herd behavior describes various social situations in which individuals are strongly influenced by the decisions of others.