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| Author: | Ackert, L. F. Church, B. K. Shehata, M. |
| Title: | Market behavior in the presence of costly, imperfect information: Experimental evidence |
| Journal: | Journal of Economic Behavior and Organization
1997 : MAY, Vol. 33:1, p. 61-74 |
| Index terms: | INFORMATION EXPERIENCE BAYESIAN STATISTICS ASSETS |
| Language: | eng |
| Abstract: | We investigate the effects of imperfect, private information on prices in an experimental asset market. We compare Bayesian predictions with market prices, examine information dissemination, and consider the value of imperfect information. We find some evidence that market prices are consistent with Bayes' rule. We also find that non-Bayesian prices are more likely to arise as the degree of uncertainty associated with private information increases. Imperfect information is disseminated in our experimental markets and traders perceive that imperfect information has value. |
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