Information cascades: Evidence from a field experiment with financial market professionals

被引:140
作者
Alevy, Jonathan E. [1 ]
Haigh, Michael S.
List, John A.
机构
[1] Univ Nevada, Dept Resource Econ, Reno, NV 89557 USA
[2] US Commod Futures Trading Commiss, Washington, DC 20581 USA
[3] Univ Chicago, Dept Econ, Chicago, IL 60637 USA
[4] NBER, Cambridge, MA 02138 USA
关键词
D O I
10.1111/j.1540-6261.2007.01204.x
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
Previous empirical studies of information cascades use either naturally occurring data or laboratory experiments. We combine attractive elements from each of these lines of research by observing market professionals from the Chicago Board of Trade (CBOT) in a controlled environment. Analysis of over 1,500 individual decisions suggests that CBOT professionals behave differently from our student control group. For instance, professionals are better able to discern the quality of public signals and their decisions are not affected by the domain of earnings. These results have implications for market efficiency and are important in both a positive and normative sense.
引用
收藏
页码:151 / 180
页数:30
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