Score contribution per author:
α: calibrated so average coauthorship-adjusted count equals average raw count
We use the Livingston survey data to study whether forecasters of the S&P 500 stock price index herd. Our results imply that forecasters do not herd. Rather, we find that forecasters anti-herd. Anti-herding is less prevalent among academics and Federal Reserve economists. Forecaster anti-herding is inversely correlated with forecast accuracy. Forecaster anti-herding is not correlated with age.