Information Aggregation in Markets with Analysts, Experts, and Chatbots

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Tác giả: Wolfgang Kuhle

Ngôn ngữ: eng

Ký hiệu phân loại: 016 Bibliographies and catalogs of works on specific subjects or in specific disciplines

Thông tin xuất bản: 2024

Mô tả vật lý:

Bộ sưu tập: Metadata

ID: 204760

Comment: 10 pages, no figuresThe present paper shows that it can be advantageous for traders to publish their information on the true value of an asset even if they (i) cannot build a position in the asset prior to the publication of their information and (ii) cannot charge for the provision of information. The model also shows that the informational content of prices is U-shaped in the number of traders who publish their information. Put differently, information aggregation works best if either no trader, or if every trader publishes his information. Small groups of distinguished experts are, on the contrary, an obstacle to information aggregation. The model's key assumption is that the perception/interpretation of a given piece of published information differs slightly across traders.
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