Hautsch, Nikolaus; Hess, Dieter; Müller, Christoph - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2008
Bayesian learning provides a core concept of information processing in financial markets. Typically it is assumed that market participants perfectly know the quality of released news. However, in practice, news’ precision is rarely disclosed. Therefore, we extend standard Bayesian learning...