کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
884010 912364 2011 17 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Measuring the impact of information aggregation mechanisms: An experimental investigation
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Measuring the impact of information aggregation mechanisms: An experimental investigation
چکیده انگلیسی

This paper measures the effectiveness of market-based and cheap-talk information aggregation. Both information aggregation mechanisms (IAMs) are frequently used prior to IPOs and sales of Treasury bonds – it is largely acknowledged that they provide agents with useful information for subsequent bidding. In a laboratory experiment, we study how information provided by IAMs interacts with private and public information and how agents integrate it in their strategic behavior in a multi-unit common-value uniform-price auction. In market-based IAMs, information gathering prevails and subsequent bidding shows that subjects acknowledge the precision of information. However, in cheap-talk IAMs, there is almost no transmitted information.


► We compare the effectiveness of market-based and cheap-talk information aggregation mechanisms (IAM).
► In a laboratory experiment, we study how information provided by IAMs interacts with private and public information and affect bidding behavior in a multi-unit common-value uniform-price auction.
► In market-based IAMs, information gathering prevails and subsequent bidding shows that subjects acknowledge the precision of information.
► In cheap-talk IAMs, there is almost no transmitted information.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Behavior & Organization - Volume 78, Issue 3, May 2011, Pages 302–318
نویسندگان
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