Measuring the impact of the information aggregation mechanisms: an experimental investigation

Abstract : This paper measures the effectiveness of market-based and cheap-talk information aggregation. Both information aggregation mechanisms (IAMs) are frequently used prior to IPOs and sales of Treasury bonds - it is largely acknowledged that they provide agents with useful information for subsequent bidding. In a laboratory experiment, we study how information provided by IAMs interacts with private and public information and how agents integrate it in their strategic behavior in a multi-unit common-value uniform-price auction. In market-based IAMs, information gathering prevails and subsequent bidding shows that subjects acknowledge the precision of information. However, in cheap-talk IAMs, there is almost no transmitted information.
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Journal of Economic Behavior and Organization, Elsevier, 2011, Vol. 78 (n° 3), pp 302-318. 〈10.1016/j.jebo.2011.01.016〉
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Soumis le : lundi 27 mai 2013 - 10:57:02
Dernière modification le : mercredi 4 octobre 2017 - 17:46:04

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Moez Bennouri, Henner Gimpel, Jacques Robert. Measuring the impact of the information aggregation mechanisms: an experimental investigation. Journal of Economic Behavior and Organization, Elsevier, 2011, Vol. 78 (n° 3), pp 302-318. 〈10.1016/j.jebo.2011.01.016〉. 〈hal-00826235〉

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