| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w12767 |
| 来源ID | Working Paper 12767 |
| Information Cascades: Evidence from An Experiment with Financial Market Professionals | |
| Jonathan E. Alevy; Michael S. Haigh; John List | |
| 发表日期 | 2006-12-14 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | Previous empirical studies of information cascades use either naturally occurring data or laboratory experiments with student subjects. We combine attractive elements from each of these lines of research by observing market professionals from the Chicago Board of Trade (CBOT) in a controlled environment. As a baseline, we compare their behavior to student choices in similar treatments. We further examine whether, and to what extent, cascade formation is influenced by both private signal strength and the quality of previous public signals, as well as decision heuristics that differ from Bayesian rationality. Analysis of over 1,500 individual decisions suggests that CBOT professionals are better able to discern the quality of public signals than their student counterparts. This leads to much different cascade formation. Further, while the behavior of students is consistent with the notion that losses loom larger than gains, market professionals are unaffected by the domain of earnings. These results are important in both a positive and normative sense. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets ; Financial Institutions |
| URL | https://www.nber.org/papers/w12767 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/570429 |
| 推荐引用方式 GB/T 7714 | Jonathan E. Alevy,Michael S. Haigh,John List. Information Cascades: Evidence from An Experiment with Financial Market Professionals. 2006. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w12767.pdf（258KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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