Information and Learning in Markets: The Impact of Market Microstructure
The ways financial analysts, traders, and other specialists use information and learn from each other are of fundamental importance to understanding how markets work and prices are set. This graduate-level textbook analyzes how markets aggregate information and examines the impacts of specific marke...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Princeton
Princeton University Press
2010
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| Schlagworte: | |
| Zusammenfassung: | The ways financial analysts, traders, and other specialists use information and learn from each other are of fundamental importance to understanding how markets work and prices are set. This graduate-level textbook analyzes how markets aggregate information and examines the impacts of specific market arrangements--or microstructure--on the aggregation process and overall performance of financial markets. Xavier Vives bridges the gap between the two primary views of markets--informational efficiency and herding--and uses a coherent game-theoretic framework to bring together the latest results from the rational expectations and herding literatures. Vives emphasizes the consequences of market interaction and social learning for informational and economic efficiency. He looks closely at information aggregation mechanisms, progressing from simple to complex environments: from static to dynamic models; from competitive to strategic agents; and from simple market strategies such as noncontingent orders or quantities to complex ones like price contingent orders or demand schedules. Vives finds that contending theories like informational efficiency and herding build on the same principles of Bayesian decision making and that "irrational" agents are not needed to explain herding behavior, booms, and crashes. As this book shows, the microstructure of a market is the crucial factor in the informational efficiency of prices. Provides the most complete analysis of the ways markets aggregate information Bridges the gap between the rational expectations and herding literatures Includes exercises with solutions Serves both as a graduate textbook and a resource for researchers, including financial analysts |
| Beschreibung: | Description based on publisher supplied metadata and other sources |
| Beschreibung: | 1 online resource (445 pages) |
| ISBN: | 9781400829507 9780691145969 |
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Datensatz im Suchindex
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| author | Vives, Xavier |
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| dewey-ones | 332 - Financial economics |
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| discipline | Wirtschaftswissenschaften |
| format | Electronic eBook |
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| indexdate | 2024-07-10T07:42:10Z |
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| isbn | 9781400829507 9780691145969 |
| language | English |
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| spelling | Vives, Xavier Verfasser aut Information and Learning in Markets The Impact of Market Microstructure Princeton Princeton University Press 2010 © 2008 1 online resource (445 pages) txt rdacontent c rdamedia cr rdacarrier Description based on publisher supplied metadata and other sources The ways financial analysts, traders, and other specialists use information and learn from each other are of fundamental importance to understanding how markets work and prices are set. This graduate-level textbook analyzes how markets aggregate information and examines the impacts of specific market arrangements--or microstructure--on the aggregation process and overall performance of financial markets. Xavier Vives bridges the gap between the two primary views of markets--informational efficiency and herding--and uses a coherent game-theoretic framework to bring together the latest results from the rational expectations and herding literatures. Vives emphasizes the consequences of market interaction and social learning for informational and economic efficiency. He looks closely at information aggregation mechanisms, progressing from simple to complex environments: from static to dynamic models; from competitive to strategic agents; and from simple market strategies such as noncontingent orders or quantities to complex ones like price contingent orders or demand schedules. Vives finds that contending theories like informational efficiency and herding build on the same principles of Bayesian decision making and that "irrational" agents are not needed to explain herding behavior, booms, and crashes. As this book shows, the microstructure of a market is the crucial factor in the informational efficiency of prices. Provides the most complete analysis of the ways markets aggregate information Bridges the gap between the rational expectations and herding literatures Includes exercises with solutions Serves both as a graduate textbook and a resource for researchers, including financial analysts Stock exchanges Wirtschaftsmodell (DE-588)4079348-5 gnd rswk-swf Marktstruktur (DE-588)4037647-3 gnd rswk-swf Mikroökonomie (DE-588)4039225-9 gnd rswk-swf Information (DE-588)4026899-8 gnd rswk-swf Markt (DE-588)4037621-7 gnd rswk-swf Kommunikation (DE-588)4031883-7 gnd rswk-swf Markt (DE-588)4037621-7 s Kommunikation (DE-588)4031883-7 s Information (DE-588)4026899-8 s Wirtschaftsmodell (DE-588)4079348-5 s Mikroökonomie (DE-588)4039225-9 s 1\p DE-604 Marktstruktur (DE-588)4037647-3 s 2\p DE-604 Erscheint auch als Druck-Ausgabe Vives, Xavier Information and Learning in Markets : The Impact of Market Microstructure 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 2\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Vives, Xavier Information and Learning in Markets The Impact of Market Microstructure Stock exchanges Wirtschaftsmodell (DE-588)4079348-5 gnd Marktstruktur (DE-588)4037647-3 gnd Mikroökonomie (DE-588)4039225-9 gnd Information (DE-588)4026899-8 gnd Markt (DE-588)4037621-7 gnd Kommunikation (DE-588)4031883-7 gnd |
| subject_GND | (DE-588)4079348-5 (DE-588)4037647-3 (DE-588)4039225-9 (DE-588)4026899-8 (DE-588)4037621-7 (DE-588)4031883-7 |
| title | Information and Learning in Markets The Impact of Market Microstructure |
| title_auth | Information and Learning in Markets The Impact of Market Microstructure |
| title_exact_search | Information and Learning in Markets The Impact of Market Microstructure |
| title_full | Information and Learning in Markets The Impact of Market Microstructure |
| title_fullStr | Information and Learning in Markets The Impact of Market Microstructure |
| title_full_unstemmed | Information and Learning in Markets The Impact of Market Microstructure |
| title_short | Information and Learning in Markets |
| title_sort | information and learning in markets the impact of market microstructure |
| title_sub | The Impact of Market Microstructure |
| topic | Stock exchanges Wirtschaftsmodell (DE-588)4079348-5 gnd Marktstruktur (DE-588)4037647-3 gnd Mikroökonomie (DE-588)4039225-9 gnd Information (DE-588)4026899-8 gnd Markt (DE-588)4037621-7 gnd Kommunikation (DE-588)4031883-7 gnd |
| topic_facet | Stock exchanges Wirtschaftsmodell Marktstruktur Mikroökonomie Information Markt Kommunikation |
| work_keys_str_mv | AT vivesxavier informationandlearninginmarketstheimpactofmarketmicrostructure |