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Trading While Sleepy? Circadian Mismatch and Excess Volatility in a Global Experimental Asset Market
Dickinson, David L. - 2017
Traders in global markets operate at different local times-of-day. Suboptimal times-of-day may produce sleepiness due to daily variations in sleep/wake patterns and possibly also increased accumulation of hours awake. Global asset markets imply significantly increased heterogeneity in circadian...
Persistent link: https://www.econbiz.de/10012947730
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Predictability of Asset Returns and the Efficient Market Hypothesis
Pesaran, M. Hashem - 2010
This paper is concerned with empirical and theoretical basis of the Efficient Market Hypothesis (EMH). The paper begins with an overview of the statistical properties of asset returns at different frequencies (daily, weekly and monthly), and considers the evidence on return predictability, risk...
Persistent link: https://www.econbiz.de/10013141228
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The Economics of Credence Goods : On the Role of Liability, Verifiability, Reputation and Competition
Dulleck, Uwe - 2009
determinants for efficiency in credence goods markets. While theory predicts that either liability or verifiability yields … has little influence, as predicted. Seller competition drives down prices and yields maximal trade, but does not lead to …
Persistent link: https://www.econbiz.de/10012764487
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Unemployment and Vacancy Dynamics with Imperfect Financial Markets
Carrillo-Tudela, Carlos - 2015
This paper proposes a simple general equilibrium model with labour market frictions and an imperfect financial market. The aim of the paper is to analyse the transitional dynamics of unemployment and vacancies when financial constraints are in place. We model the financial sector as a...
Persistent link: https://www.econbiz.de/10013011134
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To See is to Believe : Common Expectations in Experimental Asset Markets
Cheung, Stephen L. - 2012
We challenge the recent claim that mispricing in the experimental asset markets introduced by Smith, Suchanek, and Williams (1988) is merely an artefact of confusion over declining fundamental value, and can be eliminated through appropriate training. We instead propose that when training is...
Persistent link: https://www.econbiz.de/10013099096
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Mind, Body, Bubble! Psychological and Biophysical Dimensions of Behavior in Experimental Asset Markets
Butler, David - 2018
Asset market bubbles and crashes are a major source of economic instability and inefficiency. Sometimes ascribed to animal spirits or irrational exuberance, their source remains imperfectly understood. Experimental methods can isolate systematic deviations from an asset's fundamental value in a...
Persistent link: https://www.econbiz.de/10012917090
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Scale Economies Can Offset the Benefits of Competition : Evidence from a School Consolidation Reform in a Universal Voucher System
de Haan, Monique - 2011
context scale economies dominated the effects of choice and competition. This points to an often ignored trade-off between … scale and competition …
Persistent link: https://www.econbiz.de/10013129092
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Add-On Pricing, Naive Consumers, and the Hidden Welfare Costs of Education
Kosfeld, Michael - 2011
Previous research shows that firms shroud high add-on prices in competitive markets with naive consumers leading to inefficiency. We analyze the effects of regulatory intervention via educating naive consumers on equilibrium prices and welfare. Our model allows firms to shroud, unshroud, or...
Persistent link: https://www.econbiz.de/10013118774
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Competition Reform and Household Welfare : A Microsimulation Analysis of the Telecommunication Sector in Ethiopia
Rodríguez-Castelán, Carlos; Araar, Abdelkrim; … - 2021
This paper presents a novel method for estimating the likely welfare effects of competition reforms for both current … consumers are more likely to reap the benefits of greater competition. This method represents a powerful tool for supporting the … analysis of competition reforms in developing countries, particularly in sectors known for excluding significant segments of …
Persistent link: https://www.econbiz.de/10013250766
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Wealth Shocks and Health Outcomes : Evidence from Stock Market Fluctuations
Schwandt, Hannes - 2014
Do wealth shocks affect the health of the elderly in developed countries? The economic literature is skeptical about such effects which have so far only been found for poor retirees in poor countries. In this paper I show that wealth shocks also matter for the health of wealthy retirees in the...
Persistent link: https://www.econbiz.de/10013050970