| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6518 |
| DP6518 Stock Market Volatility and Learning | |
| Albert Marcet; Juan Pablo Nicolini; Klaus Adam | |
| 发表日期 | 2007-10-12 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | We explore how optimal information choices change the predictions of strategic models. When a large number of agents play a game with strategic complementarity, information choices exhibit complementarity as well: If an agent wants to do what others do, they want to know what others know. This makes heterogeneous beliefs difficult to sustain and may generate multiple equilibria. In models with substitutability, agents prefer to differentiate their information choices. We use these theoretical results to determine the role of information choice in recent price-setting models and to propose modeling techniques that ensure equilibrium uniqueness. |
| 主题 | International Macroeconomics |
| 关键词 | Costly information acquisition Price-setting Strategic complementarities |
| URL | https://cepr.org/publications/dp6518 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/535357 |
| 推荐引用方式 GB/T 7714 | Albert Marcet,Juan Pablo Nicolini,Klaus Adam. DP6518 Stock Market Volatility and Learning. 2007. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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