Počet záznamů: 1  

Understanding the Plott-Wit-Yang paradox

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    0349763 - NHU-C 2011 GB eng J - Článek v odborném periodiku
    Kálovcová, Katarína - Ortmann, Andreas
    Understanding the Plott-Wit-Yang paradox.
    Journal of Prediction Markets. Roč. 3, č. 3 (2009), s. 33-44. ISSN 1750-6751
    Grant CEP: GA MŠMT LC542
    Výzkumný záměr: CEZ:AV0Z70850503
    Klíčová slova: experimental betting markets * private information * information aggregation
    Kód oboru RIV: AH - Ekonomie

    Plott, Wit & Yang (2003) conduct a betting market experiment and find:First, information was aggregated. This suggests that traders updated their private information based on observed market odds. Second, a model based only on the use of private information seems to fit their data best. The authors call this paradoxical. Because the original data are lost, we replicate their experiment. Our results suggest that the paradox seems due to aggregate rather than individual level data analysis. We analyze the individual level data and explain the paradoxical results reported in Plott et al. (2003).
    Trvalý link: http://hdl.handle.net/11104/0189916

     
     
Počet záznamů: 1  

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