We conduct 12 experimental asset markets to investigate the effects of imperfect, private information on market prices. We compute Bayesian predictions and examine whether market prices are consistent with such predictions. We also examine information dissemination and the value of imperfect...

Anecdotal and empirical evidence suggest that analysts' forecasts are biased and overly-optimistic. Yet, little is known about individual investors' abilities to use such forecasts. In this study, we conduct a series of experiments to investigate the impact of forecast bias on individuals'...

We conduct two sets of experiments to examine whether forecast bias affects individuals' willingness to acquire forecasted information and their abilities to use such information, recognizing that the two aspects are intertwined. The results indicate that individuals continue to acquire...

Individuals may acquire forecasted information because forecasters (e.g., analysts) possess superior information, superior forecasting abilities, or both. We conduct a series of experimental sessions to investigate individuals' information acquisition decisions. In our experimental setting,...

According to a widely credited model in the business ethics literature, ethical decisions are a function of two kinds of factors, personal(individual) and situational, and these factors interact with each other. According to a contrary view of decision making that is widely held in some areas of...