This study analyzes investors' perception of placebic information and its impact on stock price estimates. We initiate a questionnaire-based stock price forecast competition among 196 undergraduate students in business administration. We show that placebic information increases the perceived...

Information provision experiments have become pivotal in understanding how beliefs influence human behavior in various social science contexts. These experiments, which manipulate the information sets available to respondents, enable the exogenous alteration of beliefs and perceived constraints,...