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Vildosola, Luis - EconWPA - 2002

This work is focused on identifying a circular pull production control system (PPCS) and make emphasis on the presence of a stability attribute. It is an introductory paper to an extended study of macroeconomic financial stability in a physically open but systemic closed system. Previous work...

Persistent link: https://www.econbiz.de/10005126234

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

Can Markets Learn to Avoid Bubbles?

Miller, Ross M. - EconWPA - 2002

One of the most striking results in experimental economics is the ease with which market bubbles form in a laboratory setting and the difficulty of preventing them. This article re-examines bubble experiments in light of the results of an earlier series of market experiments that examine how...

Persistent link: https://www.econbiz.de/10005125589

Seeking information: the role of information providers in the policy decision process.

Swank Otto H. - EconWPA - 2000

The consequences of many policies are complicated and difficult to foresee. Those who are capable of providing information to policy makers often have a vested interest in the outcomes. This gives them an incentive to distort information to manipulate policy decisions. In this article we argue...

Persistent link: https://www.econbiz.de/10005125873

The Role of Information Disparity in the 1994/95 Mexican Peso

Bannier, Christina - EconWPA - 2003

In the Mexican Peso crisis 1994/95, the lack of readily available information, particularly regarding monetary aggregates, has often been commented on. This paper analyzes empirically whether information disparity with respect to economic fundamentals contributed to the crisis. Using historical...

Persistent link: https://www.econbiz.de/10005408154

Don't Let Your Robots Grow Up To Be Traders: Artificial Intelligence, Human Intelligence, and Asset-Market Bubbles

Miller, Ross M. - EconWPA - 2003

Researchers who have examined markets populated by "robot traders" have claimed that the high level of allocative efficiency observed in experimental markets is driven largely by the "intelligence" implicit in the rules of the market. Furthermore, they view the ability of agents (artificial or...

Persistent link: https://www.econbiz.de/10005408215

Anomalous Price Behavior Following Earnings Surprises: Does Representativeness Cause Overreaction?

Kaestner, Michael - EconWPA - 2005

Behavioral Finance aims to explain empirical anomalies by introducing investor psychology as a determinant of asset pricing. This study provides strong evidence that anomalous stock price behavior following earnings announcements is due to a representativeness bias. It investigates current and...

Persistent link: https://www.econbiz.de/10005134790

Prévisions de résultat et réactions : étude de deux sous- réactions sous l’angle du biais d’ancrage

Kaestner, Michael - EconWPA - 2005

Les travaux en finance comportementale tentent, depuis quelques années, d'expliquer certaines des anomalies constatées, en abandonnant l'idée de rationalité de l'investisseur, pourtant centrale à l'hypothèse d'efficience des marchés. Cette étude, menée sur les entreprises américaines...

Persistent link: https://www.econbiz.de/10005134918

Asymmetric Information in a Competitive Market Game: Reexamining the Implications of Rational Expectations

Jackson, Matthew O.; Peck, James - EconWPA - 1997

We examine price formation in a simple static model with asymmetric information, an infinite number of risk neutral traders and no noise traders. Here we re-examine four results associated with rational expectations models relating to the existence of fully revealing equilibrium prices, the...

Persistent link: https://www.econbiz.de/10005413256

Sequential Models of Bertrand Competition for Deposits and Loans under Asymmetric Information

Bracoud, Frédérique - EconWPA - 2002

This paper analyzes sequential games of double-sided Bertrand competition in the deposit and credit markets, when banks … are free to reject customers and cannot distinguish among borrowers. The timing of competition is crucial when customers … submitted to downward pressures otherwise. With multiple applications, the order of competition does not matter. Multiple …

Persistent link: https://www.econbiz.de/10005550896

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