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Brown, Jennifer - 2012

We examine misconduct in credence good markets with price taking experts. We propose a market-level model in which … price-taking experts extract surplus based on the value of their firm's brand and their own skill. We test the predictions … independent experts, despite doing substantially less business. In addition, more experienced experts attract more complaints per …

Persistent link: https://www.econbiz.de/10013096847

College Attrition and the Dynamics of Information Revelation

Arcidiacono, Peter - 2016

This paper investigates the role played by informational frictions in college and the workplace. We estimate a dynamic structural model of schooling and work decisions, where individuals have imperfect information about their schooling ability and labor market productivity. We take into account...

Persistent link: https://www.econbiz.de/10012989133

Information Aversion

Andries, Marianne - 2017

The main features of households' attention to savings are rationalized by a model of information aversion, a preference-based fear of receiving flows of news. In line with the empirical evidence, information averse investors observe the value of their portfolios infrequently; inattention is more...

Persistent link: https://www.econbiz.de/10012945147

Efficiency and Welfare with Complementarities and Asymmetric Information

Angeletos, George-Marios - 2006

This paper examines equilibrium and welfare in a tractable class of economies with externalities, strategic complementarity or substitutability, and incomplete information. In equilibrium, complementarity amplifies aggregate volatility by increasing the sensitivity of actions to public...

Persistent link: https://www.econbiz.de/10012783343

Herd on the Street : Informational Inefficiencies in a Market with Short-Term Speculation

Froot, Kenneth - 2001

Standard models of informed speculation suggest that traders try to learn information that others do not have. This result implicitly relies on the assumption that speculators have long horizons, i.e, can hold the asset forever. By contrast, we show that if speculators have short horizons, they...

Persistent link: https://www.econbiz.de/10012787681

Do Prices Reveal the Presence of Informed Trading?

Collin-Dufresne, Pierre - 2012

Using a comprehensive sample of trades by Schedule 13D filers, who possess valuable private information when they accumulate stocks of targeted companies, this paper studies whether several liquidity measures reveal the presence of informed trading. The evidence suggests that when Schedule 13D...

Persistent link: https://www.econbiz.de/10013099415

Information Percolation in Segmented Markets

Duffie, Darrell - 2011

We calculate equilibria of dynamic double-auction markets in which agents are distinguished by their preferences and information. Over time, agents are privately informed by bids and offers. Investors are segmented into groups that differ with respect to characteristics determining information...

Persistent link: https://www.econbiz.de/10013121588

Comparison Friction : Experimental Evidence from Medicare Drug Plans

Kling, Jeffrey R. - 2011

Consumers need information to compare alternatives for markets to function efficiently. Recognizing this, public policies often pair competition with easy access to comparative information. The implicit assumption is that comparison friction--the wedge between the availability of comparative...

Persistent link: https://www.econbiz.de/10013120300

Sec Regulation Fair Disclosure, Information, and the Cost of Capital

Gomes, Armando R. - 2009

than current finance theory admits …

Persistent link: https://www.econbiz.de/10012767656

Signaling, Shame, and Silence in Social Learning

Chandrasekhar, Arun G. - 2018

We examine how a social stigma of seeking information can inhibit learning. Consider a Seeker of uncertain ability who can learn about a task from an Advisor. If higher-ability Seekers need information less, then a Seeker concerned about reputation may refrain from asking to avoid signaling low...

Persistent link: https://www.econbiz.de/10012909127

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