Plott, Charles R. and Snyder, Shyam (1983) Rational Expectations and the Aggregation of Diverse Information in Laboratory Security Markets. Social Science Working Paper, 463. Econometric Society , Pasadena, CA. https://resolver.caltech.edu/CaltechAUTHORS:20170922-165501575
![[img]](https://authors.library.caltech.edu/style/images/fileicons/application_pdf.png) |
PDF (sswp 463 - Jan. 1983)
- Submitted Version
See Usage Policy. 1MB |
Use this Persistent URL to link to this item: https://resolver.caltech.edu/CaltechAUTHORS:20170922-165501575
Abstract
The study explores the information aggregation properties of experimental markets in which a fully revealing rational expectations equilibrium exists. In single securities markets in which traders have different preferences, information aggregation seems to be minimal, and rational expectations equilibrium are not attained. If the market has a complete set of contingent claims securities or if preferences are identical, the rational expectations equilibrium model works well.
| Item Type: | Report or Paper (Working Paper) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Related URLs: |
| ||||||||||
| Additional Information: | The authors gratefully acknowledge the financial support of this research which was provided by the National Science Foundation, Caltech Program for Enterprise and Public Policy, the University of Chicago Institute of Professional Accounting, and the Indian Institute of Management at Ahmedabad. Published as Plott, Charles R., and Shyam Sunder. "Rational expectations and the aggregation of diverse information in laboratory security markets." Econometrica: Journal of the Econometric Society (1988): 1085-1118. | ||||||||||
| Group: | Social Science Working Papers | ||||||||||
| Funders: |
| ||||||||||
| Subject Keywords: | Securities markets, Modeling, Securities trading, Dividends, Market prices, Economic expectations, Aggregation, Memory interference, Efficient markets, Contingent claims | ||||||||||
| Other Numbering System: |
| ||||||||||
| Series Name: | Social Science Working Paper | ||||||||||
| Issue or Number: | 463 | ||||||||||
| Record Number: | CaltechAUTHORS:20170922-165501575 | ||||||||||
| Persistent URL: | https://resolver.caltech.edu/CaltechAUTHORS:20170922-165501575 | ||||||||||
| Usage Policy: | No commercial reproduction, distribution, display or performance rights in this work are provided. | ||||||||||
| ID Code: | 81784 | ||||||||||
| Collection: | CaltechAUTHORS | ||||||||||
| Deposited By: | Jacquelyn Bussone | ||||||||||
| Deposited On: | 25 Sep 2017 17:46 | ||||||||||
| Last Modified: | 03 Oct 2019 18:47 |
Repository Staff Only: item control page
