浙江大学实验社会科学讲座
发布时间：2011-05-23 浏览次数：2116
Presenter: Professor Jason Shachat (WISE, Xiamen University)
Topic: Informational Price Cascades and Non-Aggregation of Asymmetric Information in an Experimental Asset Market
Time: Monday, May.23, 2011(14:00-16:00)
Venue: East 3rd Building Room 108, Zijin’gang Campus
Abstract
We report on experimental markets for a contingent claim asset that eight subjects traded for nine periods before the state was revealed. There is an informative binary signal that arrives after each of the first eight trading rounds. In our baseline treatment the realization of the signal is public information, and in another treatment, market participants are randomly sequenced and receive the signal as private information. In the latter case, we observe zero information aggregation and prices lock in on home grown norms, which we call informational price cascades. We test the fragility of the price cascades in two further treatments. First, we break the monopoly on each signal by revealing it to two subjects, and then we increase that number to four. It is only when we inform four participants, or one-half of the market, that cascades fail to form and information starts to aggregate in the market.
Professor Jason Shachat received his Ph.D. from the University of Arizona in 1996. He also earned his M.A from the University of Arizona and B.S. from Tulane University. He became an assistant professor of economics at the University of California after completing his Ph.D., becoming an associate professor in 2003 at National University of Singapore. Now, he is a full professor of economics at Wang Yanan Institute for Studies in Economics (WISE), Xiamen University. Within the economic field, he specializes in experimental economics, game theory and auctions. He has had over 10 international refereed journals published, and been invited to act as a referee for many top journals.
Experimental social Science Laboratory of Zhejiang University
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