The authors study a simple model of an asset market with informed and non-informed agents. In the absence of non-informed agents, the market becomes information efficient when the number of traders with different private information is large enough. Upon introducing non-informed agents, the...

The authors study a simple model of an asset market with informed and non-informed agents. In the absence of non-informed agents, the market becomes information efficient when the number of traders with different private information is large enough. Upon introducing non-informed agents, the...

Our societies are heterogeneous in many dimensions such as census, education, religion, ethnic and cultural composition. The links between individuals - e.g. by friendship, marriage or collaboration - are not evenly distributed, but rather tend to be concentrated within the same group. This...

The breakdown of short-term funding markets was a key feature of the global financial crisis of 2007/8. Combining insights from the literature on global games and network growth, we develop a simple model that sheds light on how network topology interacts with the funding structure of financial...

We experimentally investigated the relationship between participants' reliance on algorithms, their familiarity with the task, and the performance level of the algorithm. We found that when participants could freely decide on their final forecast after observing the one produced by the algorithm...

We present and conduct a novel experiment on a dynamic beauty contest game motivated by the canonical New-Keynesian model. Participants continuously provide forecasts for prices spanning multiple future periods. These forecasts determine the price for the current period and participants'...

This paper aims to contribute to the literature on Nash program by experimentally comparing the results of "structured" (non-cooperative) demand-based and offer-based mechanisms that implement the Shapley value as an ex-ante equilibrium outcome with the results of corresponding "semi-structured"...

Previous research consistently identified differences in time preferences between effort and monetary decisions. However, the root cause of this difference- whether it stemmed from the intrinsic nature of the outcomes or the associated pleasurable or unpleasurable experiences-remained undefined....

In this paper, we extend the individual evolutionary learning model by incorporating other-regarding considerations and apply the model to some Cournot games. Using the model fitted to the experimental data of a repeated 3-player Cournot game (with nonlinear cost and demand functions), we...

We compare the performance of financial professionals (CFAs) with university students in four financial forecasting tasks ranging from simple lab prediction tasks to longitudinal field tasks. Although students and professionals performed similarly in the artificial forecasting tasks, their...