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Parimutuel Betting under Asymmetric Information
Koessler, Frédéric; Noussair, Charles; Ziegelmeyer, … - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2006
This paper examines simple parimutuel betting games under asymmetric information,with particular attention to differences between markets in which bets are submittedsimultaneously versus sequentially. In the simultaneous parimutuel betting market, all(symmetric and asymmetric) Bayesian-Nash...
Persistent link: https://www.econbiz.de/10005866719
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Parimutuel Betting under Asymmetric Information
Koessler, Frederic; Ziegelmeyer, Anthony - 2004
This paper examines ¯nite parimutuel betting games with asymmetric information, with par-ticular attention to di®erences between sequential and simultaneous settings, and betweenfully rational and myopic (\price taking") behavior. In the simultaneous parimutuel market,all (symmetric and...
Persistent link: https://www.econbiz.de/10005845207
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Selecting Information in Financial Markets : Herding and Opinion Swings in a Heterogeneous Mimetic Rational Agent-Based Model
Vié, Aymeric - 2018
As expectations are driven by information, its selection is central in explaining common knowledge building and unraveling in financial markets. This paper addresses this information selection problem by proposing imitation as a key mechanism to explain opinion dynamics. Behavioral and cognitive...
Persistent link: https://www.econbiz.de/10012928480
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Rational Herding in Microloan Markets : Online Appendix
Zhang, Juanjuan - 2012
), "Rational Herding in Microloan Markets," Management Science, Vol. 58, No. 5, May, pp. 892-912.Microloan markets allow individual … borrower listings on Prosper.com, the largest microloan market in the United States. We find evidence of rational herding among … payoff externalities. Moreover, instead of passively mimicking their peers (irrational herding), lenders engage in active …
Persistent link: https://www.econbiz.de/10013114024
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Fragility of information cascades : an experimental study using elicited beliefs
Koessler, Frédéric; Ziegelmeyer, Anthony; Bracht, Juergen - 2008
subjects follow the herd when it is rational, and this herding behavior occurs more frequently if there is a pronounced …
Persistent link: https://www.econbiz.de/10003803102
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Generosity, Greed and Gambling: What difference doesasymmetric information in bargaining make?
Klempt, Charlotte; Pull, Kerstin - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2009
We analyze the effects of asymmetric information concerning thesize of a pie on proposer behavior in three different bargaining situations:the ultimatum game, the Yes-No-game and the dictator game.Our data show that (a) irrespective of the information condition, proposergenerosity increases with...
Persistent link: https://www.econbiz.de/10005866401
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Strategic reasoning in persuasion games : an experiment
Li, Ying Xue; Schipper, Burkhard - 2018
We study experimentally persuasion games in which a sender (e.g., a seller) with private information provides verifiable but potentially vague information (e.g., about the quality of a product) to a receiver (e.g., a buyer). Various theoretical solution concepts such as sequential equilibrium or...
Persistent link: https://www.econbiz.de/10011811807
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Do we follow others when we should? : a simple test of rational expectations
Weizsäcker, Georg (contributor) - 2008
The paper presents a new meta data set covering 13 experiments on the social learning games by Bikhchandani, Hirshleifer, and Welch (1992). The large amount of data makes it possible to estimate the empirically optimal action for a large variety of decision situations and ask about the economic...
Persistent link: https://www.econbiz.de/10003741924
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Rational Bias and Herding in Analysts' Recommendations
Kim, Min S. - 2011
bias and herding in their stock recommendations occur due to incentives provided by relative performance evaluation and top …
Persistent link: https://www.econbiz.de/10013134116
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Fragility of Information Cascades:An Experimental Study using Elicited Beliefs
Koessler, Frédéric; Ziegelmeyer, Anthony; Bracht, Jürgen - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2008
herd when it is rational, and this herding behavior occurs morefrequently if there is a pronounced imbalance. The main …
Persistent link: https://www.econbiz.de/10005866431