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Shortlisting
Manzini, Paola; Mariotti, Marco - EconWPA - 2005
We study the properties of decisions made by committees who select alternatives by constructing shortlists. We find … that even when committees are themselves rational, such procedures may not give rise to rational choices. A necessary … condition for this to occur is disagreement between committees. However, we delimit substantially the extent of `irrationality …
Persistent link: https://www.econbiz.de/10005125914
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Characterizing Asymmetric Information in International Equity Markets
Albuquerque, Rui; Bauer, Gregory; Schneider, Martin - EconWPA - 2004
This paper studies the international portfolio flows of US investors to examine the information structure of international equity markets. We use an empirical model of portfolio flows with both public and private information to extract measures of trades due to private information. We find that...
Persistent link: https://www.econbiz.de/10005125533
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Introduction to Market Microstructure
EKINCI, Cumhur - EconWPA - 2004
Persistent link: https://www.econbiz.de/10005134945
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The dynamic cost of ex post incentive compatibility in repeated games of private information
Miller, David A. - EconWPA - 2005
In a repeated game with private information, a perfect public equilibrium (PPE) can break down if communication is not necessarily simultaneous or if players can “spy” on each others’ information. An ex post perfect public equilibrium (EPPPE) is a PPE that is ex post incentive compatible...
Persistent link: https://www.econbiz.de/10005407608
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Privacy or Publicity - Who Drives the Wheel?
Bannier, Christina E. - EconWPA - 2003
Financial markets are to a very large extent influenced by the advent of information. Such disclosures, however, do not only contain information about fundamentals underlying the markets, but they also serve as a focal point for the beliefs of market participants. This dual role of information...
Persistent link: https://www.econbiz.de/10005550876
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Why Lying Pays: Truth Bias in the Communication with Conflicting Interests
Kawagoe, Toshiji; Takizawa, Hirokazu - EconWPA - 2005
We conduct experiments of a cheap-talk game with incomplete information in which one sender type has an incentive to misrepresent her type. Although that Sender type mostly lies in the experiments, the Receiver tends to believe the Sender's messages. This confirms ``truth bias'' reported in...
Persistent link: https://www.econbiz.de/10005556670
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Consumer Switching Costs and Private Information
Elder, Erick; To, Ted - EconWPA - 1999
We consider a standard model of consumer switching costs with demand uncertainty where firms observe private information about demand. Given this private information, each firm forms beliefs over different demand realizations as well as beliefs over the other firm's information. The main result...
Persistent link: https://www.econbiz.de/10005561488
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Exchange Rate Floating and Inflation Targeting Implementing - Lessons from a succesful transition - The Brazilian Case
Deheza, Juan Carlos Soldano - EconWPA - 2003
El objetivo de este paper es realizar una descripción del caso brasileño, en lo que hace a la salida de un sistema en el cual el ancla nominal de la economía era un tipo de cambio semi-fijo, hacia un régimen de flotación “cuasi” limpia de la moneda, en el que el ancla de la economía...
Persistent link: https://www.econbiz.de/10005076607
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CLAVES DE LA INFLACION DE 2005
Marongiu, Federico - EconWPA - 2005
El tema de la inflación ha sido uno de los más debatidos en los últimos meses. Los incrementos de precios registrados en el primer trimestre de 2005 han avivado la discusión. Este trabajo muestra que el problema está lejos de estar fuera de control y que determinadas medidas de política...
Persistent link: https://www.econbiz.de/10005076625
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National Appointments to Multinational Monetary Policy Making: A Role Conflict?
Ripoll, Jose - EconWPA - 2003
Territorial appointees to an independent central bank (e.g. District Federal Reserve Banks’ presidents, Governors of national central banks at the ECB’s Governing Council) are liable to confront a “role conflict” stemming from a duality of loyalties and allegiances - to the home regional...
Persistent link: https://www.econbiz.de/10005076671