Data and Code for "Learning from unrealized versus realized prices"
Principal Investigator(s): View help for Principal Investigator(s) M. Kathleen Ngangoué, New York University; Georg Weizsäcker, Humboldt Universität zu Berlin
Version: View help for Version V2
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application/pdf | 140.3 KB | 08/10/2020 01:05:AM |
Project Citation:
Ngangoué, M. Kathleen , and Weizsäcker, Georg. Data and Code for “Learning from unrealized versus realized prices.” Nashville, TN: American Economic Association [publisher], 2021. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2021-04-12. https://doi.org/10.3886/E119821V2
Project Description
Summary:
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Our experiments investigate the extent to which traders learn from the price, differentiating between situations where orders are submitted before versus after the price has realized. In simultaneous markets with bids that are conditional on the price, traders neglect the information conveyed by the hypothetical value of the price. In sequential markets where the price is known prior to the bid submission, traders react to price to an extent that is roughly consistent with the benchmark theory. The difference’s robustness to a number of variations provides insights about the drivers of this effect.
Funding Sources:
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ERC Starting Grant (263412);
German Science Foundation - Collaborative Res. Center (TRR 190)
Scope of Project
Subject Terms:
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Naive expectations;
rational expectations;
belief updating;
contingent reasoning;
price efficiency
JEL Classification:
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C91 Design of Experiments: Laboratory, Individual
D81 Criteria for Decision-Making under Risk and Uncertainty
D82 Asymmetric and Private Information; Mechanism Design
C91 Design of Experiments: Laboratory, Individual
D81 Criteria for Decision-Making under Risk and Uncertainty
D82 Asymmetric and Private Information; Mechanism Design
Geographic Coverage:
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Europe,
North America
Time Period(s):
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1/1/2014 – 12/31/2016
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