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The appeal of information transactions
Cabrales, Antonio; Gossner, Olivier; Serrano, Roberto - 2012
An information transaction entails the purchase of information. Formally, it consists of an information structure … together with a price. We develop an index of the appeal of information transactions, which is derived as a dual to the agent …'s preferences for information. The index of information transactions has a simple analytic characterization in terms of the relative …
Persistent link: https://www.econbiz.de/10009633817
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The Power of Information : How Do U.S. News Rankings Affect the Financial Resources of Public Colleges?
Jin, Ginger Zhe; Whalley, Alexander - 2007
national universities and colleges. This paper utilizes this exogenous information shock to identify the impact of college … quality information on the financial resources of public colleges. Using college level data from 1987 to 1995, we have three …
Persistent link: https://www.econbiz.de/10014052798
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Evolution and market behavior with endogenous investment rules
Bottazzi, Giulio; Dindo, Pietro - 2010
In a complete market for short-lived assets, we investigate long run wealth-driven selection on a general class of investment rules that depend on endogenously determined current and past prices. We find that market instability, leading to asset mis-pricing and informational efficiencies, is a...
Persistent link: https://www.econbiz.de/10008729026
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Speculative trade under unawareness : the infinite case
Meier, Martin; Schipper, Burkhard - 2010 - First draft: March 1, 2007, This draft: February 5, 2010
Persistent link: https://www.econbiz.de/10003943569
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The equilibrium set of economies with a continuous consumption space
Covarrubias, Enrique - 2010
We study global properties of the equilibrium set of economies with a continuous consumption space. This framework is important in intertemporal allocation problems (continuous or infinite time), financial markets with uncertainty (continuous states of nature) and commodity differentiation. We...
Persistent link: https://www.econbiz.de/10008656723
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Selection in asset markets : the good, the bad, and the unknown
Bottazzi, Giulio; Dindo, Pietro - 2011
, then market rewards the best informed agent. As a result asset prices eventually reflect this information and the market …
Persistent link: https://www.econbiz.de/10009009683
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Personal experiences and expectations about aggregate outcomes
Kuchler, Theresa; Zafar, Basit - 2015
We use novel survey data to estimate how personal experiences affect household expectations about aggregate economic outcomes in housing and labor markets. We exploit variation in locally experienced house prices to show that individuals systematically extrapolate from recent locally experienced...
Persistent link: https://www.econbiz.de/10011348950
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Risk taking in social settings : group and peer effects
Bougheas, Spiros P.; Nieboer, Jeroen; Sefton, Martin - 2013
We investigate experimentally the effect of consultation (unincentivized advice) on choices under risk in an incentivized investment task. We compare these choices to two benchmark treatments: one with isolated individual choices, and a second with group choice after communication. Our...
Persistent link: https://www.econbiz.de/10009689911
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Illusion of control and the pursuit of authority
Sloof, Randolph; Siemens, Ferdinand von - 2014
In a laboratory experiment, we measure subjects' willingness to pay for a transparently useless decision right concerning the choice between two real effort tasks. We also elicit for each participant her change in beliefs about the likelihood of receiving her preferred task if she rather than...
Persistent link: https://www.econbiz.de/10010347041
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Price Dispersion and Demand Uncertainty : Evidence from US Scanner Data
Eden, Benjamin - 2014
I use the Prescott (1975) hotels model to explain variations in price dispersion across goods sold by supermarkets in Chicago. I extend the theory to accounts for the monopoly power of chains and for non-shoppers. The main empirical finding is that the effect of demand uncertainty on price...
Persistent link: https://www.econbiz.de/10013046882