杠杆(统计)
声誉
社会化媒体
私人信息检索
业务
资产(计算机安全)
股票市场
微观经济学
有效市场假说
库存(枪支)
经济
金融经济学
营销
计算机科学
万维网
计算机安全
马
古生物学
社会学
工程类
机器学习
生物
机械工程
社会科学
作者
Brice Corgnet,Mark DeSantis,David Porter
出处
期刊:Management Science
[Institute for Operations Research and the Management Sciences]
日期:2023-11-10
标识
DOI:10.1287/mnsc.2023.4967
摘要
The growing prevalence of stock market chat rooms and social media suggests that communication between traders may affect market outcomes. Using data from a series of laboratory experiments, we study the causal effect of trader communication on market efficiency. We show that communication allows markets to convey private information more effectively. This effect is robust to a wide range of information settings. The presence of insiders limits the impact, whereas posted reputation scores in the communication platform magnify it. These findings illustrate the need to consider social interactions when designing market institutions to leverage the social motives that foster information aggregation. This paper was accepted by Axel Ockenfels, behavioral economics & decision analysis. Supplemental Material: The e-companion and data are available at https://doi.org/10.1287/mnsc.2023.4967 .
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