Information cascades: evidence from an experiment with financial market professionals
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 environ...
Gespeichert in:
| Hauptverfasser: | , , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2006
|
| Schriftenreihe: | Working paper series / National Bureau of Economic Research
12767 |
| Online-Zugang: | Volltext |
| Zusammenfassung: | 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. |
| Beschreibung: | Literaturverz. S. 28 - 34 |
| Beschreibung: | 55 S. graph. Darst. 22 cm |
Internformat
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| 490 | 1 | |a Working paper series / National Bureau of Economic Research |v 12767 | |
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| 520 | |a 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. | ||
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| indexdate | 2024-07-09T21:25:13Z |
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| spelling | Alevy, Jonathan E. Verfasser (DE-588)132797070 aut Information cascades evidence from an experiment with financial market professionals Jonathan E. Alevy ; Michael S. Haigh ; John List Cambridge, Mass. National Bureau of Economic Research 2006 55 S. graph. Darst. 22 cm txt rdacontent n rdamedia nc rdacarrier Working paper series / National Bureau of Economic Research 12767 Literaturverz. S. 28 - 34 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. Haigh, Michael S. Verfasser (DE-588)132797119 aut List, John A. 1968- Verfasser (DE-588)124330827 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.> NBER working paper series 12767 (DE-604)BV002801238 12767 http://papers.nber.org/papers/w12767.pdf kostenfrei Volltext |
| spellingShingle | Alevy, Jonathan E. Haigh, Michael S. List, John A. 1968- Information cascades evidence from an experiment with financial market professionals |
| title | Information cascades evidence from an experiment with financial market professionals |
| title_auth | Information cascades evidence from an experiment with financial market professionals |
| title_exact_search | Information cascades evidence from an experiment with financial market professionals |
| title_exact_search_txtP | Information cascades evidence from an experiment with financial market professionals |
| title_full | Information cascades evidence from an experiment with financial market professionals Jonathan E. Alevy ; Michael S. Haigh ; John List |
| title_fullStr | Information cascades evidence from an experiment with financial market professionals Jonathan E. Alevy ; Michael S. Haigh ; John List |
| title_full_unstemmed | Information cascades evidence from an experiment with financial market professionals Jonathan E. Alevy ; Michael S. Haigh ; John List |
| title_short | Information cascades |
| title_sort | information cascades evidence from an experiment with financial market professionals |
| title_sub | evidence from an experiment with financial market professionals |
| url | http://papers.nber.org/papers/w12767.pdf |
| volume_link | (DE-604)BV002801238 |
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