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Anti-herding and strategic consultation
Levy, Gilat - London School of Economics (LSE) - 2004
In this paper I analyze how careerist decision makers aggregate and use information provided by others. I find that decision makers who are motivated by reputation concerns tend to ‘anti-herding’, i.e., they excessively contradict public information such as the prior or others’...
Persistent link: https://www.econbiz.de/10010928812
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Information costs, networks and intermediation in international trade
Petropoulou, Dimitra - London School of Economics (LSE) - 2008
This paper presents a pairwise matching model with two-sided information asymmetry to analyse the impact of information costs on endogenous network building and matching by information intermediaries. The framework innovates by examining the role of information costs on incentives for trade...
Persistent link: https://www.econbiz.de/10010745054
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Competing for contacts: network competition, trade intermediation and fragmented duopoly
Petropoulou, Dimitra - London School of Economics (LSE) - 2008
A two-sided, pair-wise matching model is developed to analyse the strategic interaction between two information intermediaries who compete in commission rates and network size, giving rise to a fragmented duopoly market structure. The model suggests that network competition between information...
Persistent link: https://www.econbiz.de/10010746133
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Strategic consultation in the presence of career concerns
Levy, Gilat - London School of Economics (LSE) - 2000
In this paper I analyse the strategic interaction of decision makers and their advisers in a consultation process. I find that when agents are concerned about their reputation, consultation results in sub-optimal sharing of information; some decision makers may deliberately act unilaterally and...
Persistent link: https://www.econbiz.de/10010746684
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Peering into the mist: social learning over an opaque observation network
Barrdear, John - London School of Economics (LSE) - 2014
I present a model of social learning over an exogenous, directed network that may be readily nested within broader macroeconomic models with dispersed information and combines the attributes that agents (a) act repeatedly and simultaneously; (b) are Bayes-rational; and (c) have strategic...
Persistent link: https://www.econbiz.de/10011126293
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Do bad risks know it? Experimental evidence on optimism and adverse selection
Coelho, Marta; de Meza, David - London School of Economics (LSE) - 2012
Subjects who overestimate their performance in experimental tasks unrelated to travel are less willing to insure against failing in the task and also less inclined to buy travel insurance. This suggests intrinsic optimism influences insurance demand and diminishes adverse selection
Persistent link: https://www.econbiz.de/10011128051
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Information asymmetries, volatility, liquidity, and the Tobin Tax
Danilova, Albina; Julliard, Christian - London School of Economics (LSE) - 2014
sampling frequency of the data; iii) volatility, the limit order book, and liquidity, in terms of tightness, depth, and … empirical evidence about stock market volatility, liquidity, limit order books, and market frictions, and provides a natural …
Persistent link: https://www.econbiz.de/10011170092
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The value of insolvency safe harbours
Paech, Philipp - London School of Economics (LSE) - 2015
argument for the existence of safe harbours is liquidity in the financial market. Safe harbour rules do away with a number of … legal concepts, notably those attached to traditional security, and thereby allow for an exponentiation of liquidity … liquidity. To the extent that safe harbours accelerate contagion in terms of crisis, which in principle is a valid argument …
Persistent link: https://www.econbiz.de/10011264787
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A model of money with multilateral matching
Galenianos, Manolis; Kircher, Philipp - London School of Economics (LSE) - 2008
We develop a model of decentralized monetary exchange to examine the distributional effects of inflation across heterogeneous agents. The agents have private information about their productivity, preferences, or money holdings. Matching is multilateral and each seller is visited by a stochastic...
Persistent link: https://www.econbiz.de/10010745403
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The role of money in the transmission mechanism of monetary policy: evidence from Thailand
Sunirand, Pojanart - London School of Economics (LSE) - 2003
Meltzer (2001b) argues that the current trend for downgrading the role of money in standard macro models is erroneous as it masks those monetary transmission channels which operate through changes in relative yields of assets. This paper shows that the scope of these changes can be empirically...
Persistent link: https://www.econbiz.de/10010746182