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Measuring the Impact of Information Aggregation Mechanisms : An Experimental Investigation

Title data

Bennouri, Moez ; Gimpel, Henner ; Robert, Jaques:
Measuring the Impact of Information Aggregation Mechanisms : An Experimental Investigation.
In: Journal of Economic Behavior & Organization. Vol. 78 (May 2011) Issue 3 . - pp. 302-318.
ISSN 0167-2681
DOI: https://doi.org/10.1016/j.jebo.2011.01.016

Abstract in another language

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.

Further data

Item Type: Article in a journal
Refereed: Yes
Keywords: Market design; Information aggregation; Cheap-talk; Auction; Initial public offering
Institutions of the University: Faculties > Faculty of Law, Business and Economics > Department of Business Administration
Research Institutions
Research Institutions > Affiliated Institutes
Research Institutions > Affiliated Institutes > FIM Research Center Finance & Information Management
Faculties > Faculty of Law, Business and Economics
Result of work at the UBT: No
DDC Subjects: 000 Computer Science, information, general works > 004 Computer science
300 Social sciences > 330 Economics
Date Deposited: 14 Sep 2018 06:29
Last Modified: 14 Sep 2018 06:29
URI: https://eref.uni-bayreuth.de/id/eprint/45783