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Experimental asset ...
Experimental asset markets with endogenous choice of costly asymmetric information
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Huber, Jürgen (författare)
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Angerer, M (författare)
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- Kirchler, Michael, 1977 (författare)
- Gothenburg University,Göteborgs universitet,Centrum för finans,Institutionen för nationalekonomi med statistik,Centre for Finance,Department of Economics
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(creator_code:org_t)
- 2011
- 2011
- Engelska.
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Ingår i: Experimental Economics. - 1386-4157. ; 14:2, s. 223-240
- Relaterad länk:
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https://gup.ub.gu.se...
Abstract
Ämnesord
Stäng
- Asymmetric distribution of information, while omnipresent in real markets, is rarely considered in experimental financial markets. We present results from experiments where subjects endogenously choose between five information levels (four of them costly). We find that (i) uninformed traders earn the highest net returns, while average informed traders always perform worst even when information costs are not considered; (ii) over time traders learn to pick the most advantageous information levels (full information or no information); and (iii) market efficiency decreases with higher information costs. These results are mostly in line with the theoretical predictions of Grossman and Stiglitz (Am. Econ. Rev. 70:393–408, 1980) and provide additional insights that studies with only two information levels cannot deliver.
Ämnesord
- SAMHÄLLSVETENSKAP -- Ekonomi och näringsliv -- Nationalekonomi (hsv//swe)
- SOCIAL SCIENCES -- Economics and Business -- Economics (hsv//eng)
Nyckelord
- information costs
- asset markets
- experiment
- value of information
- asymmetric information
Publikations- och innehållstyp
- ref (ämneskategori)
- art (ämneskategori)
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