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Do Individual Investors Have Asymmetric Information Based On Work Experience?
Døskeland, Trond; Hvide, Hans K - C.E.P.R. Discussion Papers - 2009
Using a novel and unique dataset from Norway, we analyze whether professional proximity is associated with asymmetric information and abnormal returns. We find that individuals hold an excess weight in stocks that are professionally close. For example, after excluding holdings of own-company and...
Persistent link: https://www.econbiz.de/10005068286
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Can Good Products Drive Out Bad? Evidence from Local Markets for (Fake?) Antimalarial Medicine in Uganda
Björkman Nyqvist, Martina; Svensson, Jakob; … - C.E.P.R. Discussion Papers - 2012
. Motivated by a simple model, we conduct a market-level experiment to test whether authentic drugs can drive out fake drugs from …
Persistent link: https://www.econbiz.de/10011084176
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Public and Private Learning from Prices, Strategic Substitutability and Complementarity, and Equilibrium Multiplicity
Manzano, Carolina; Vives, Xavier - C.E.P.R. Discussion Papers - 2010
We study a general static noisy rational expectations model, where investors have private information about asset payo¤s, with common and private components, and about their own exposure to an aggregate risk factor, and derive conditions for existence and uniqueness (or multiplicity) of...
Persistent link: https://www.econbiz.de/10008466347
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Information Gatekeepers: Theory and Experimental Evidence
Brocas, Isabelle; Carrillo, Juan D; Palfrey, Thomas R - C.E.P.R. Discussion Papers - 2009
%). They occur in both directions, with more over-sampling (39%) than under-sampling (8%). The main difference with the theory … theory, with adversaries sampling more when their own cost is low and when the other adversary's cost is high. Finally, there … is little evidence of learning over the 40 matches of the experiment. …
Persistent link: https://www.econbiz.de/10008528540
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Cheap Talk with Multiple Audiences: an Experimental Analysis
Battaglini, Marco; Makarov, Uliana - C.E.P.R. Discussion Papers - 2010
We examine strategic information transmission in a controlled laboratory experiment of a cheap talk game with one …
Persistent link: https://www.econbiz.de/10008784698
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Lab Experiments are a Major Source of Knowledge in the Social Sciences
Falk, Armin; Heckman, James J - C.E.P.R. Discussion Papers - 2010
Laboratory experiments are a widely used methodology for advancing causal knowledge in the physical and life sciences. With the exception of psychology, the adoption of laboratory experiments has been much slower in the social sciences, although during the last two decades, the use of lab...
Persistent link: https://www.econbiz.de/10008468582
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Neuroeconomic Foundation of Trust and Social Preferences
Fehr, Ernst; Fischbacher, Urs; Kosfeld, Michael - C.E.P.R. Discussion Papers - 2005
This paper discusses recent neuroeconomic evidence related to other-regarding behaviours and the decision to trust in other people’s other-regarding behaviour. This evidence supports the view that people derive non-pecuniary utility (i) from mutual cooperation in social dilemma (SD) games and...
Persistent link: https://www.econbiz.de/10005497729
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The Neuroconomics of Mind Reading and Empathy
Fehr, Ernst; Singer, Tania - C.E.P.R. Discussion Papers - 2005
The most fundamental solution concepts in Game Theory – Nash equilibrium, backward induction, and iterated elimination … underlying our capacity to represent others' intentions, beliefs, and desires, referred to as ‘Theory of Mind’ or ‘mentalizing …
Persistent link: https://www.econbiz.de/10005497744
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A Theory of Fairness, Competition and Cooperation
Fehr, Ernst; Schmidt, Klaus M. - C.E.P.R. Discussion Papers - 1998
There is strong evidence that people exploit their bargaining power in competitive markets but not in bilateral bargaining situations. There is also strong evidence that people exploit free-riding opportunities in voluntary cooperation games. Yet, when they are given the opportunity to punish...
Persistent link: https://www.econbiz.de/10005504682
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Fairness and Incentives in a Multi-Task Principle-Agent Model
Fehr, Ernst; Schmidt, Klaus M. - C.E.P.R. Discussion Papers - 2004
This Paper reports on a two-task principal-agent experiment in which only one task is contractible. The principal can …-interest theory but is consistent with theories of fairness. …
Persistent link: https://www.econbiz.de/10005114195