The Predominant Role of Signal Precision in Experimental Beauty Contests-Reference-Cited by-同舟云学术

The Predominant Role of Signal Precision in Experimental Beauty Contests

Published:2016-01-01 Issue:1 Volume:16 Page:267-301
ISSN:2194-6124
Container-title:The B.E. Journal of Theoretical Economics
language:
Short-container-title:

Author:

Baeriswyl Romain¹,Cornand Camille²

Affiliation:

1. 1Swiss National Bank, Boersenstrasse 15, 8022 Zurich, Switzerland

2. 2Université de Lyon, Lyon, F-69007, France; CNRS, GATE Lyon Saint-Etienne, Ecully F-69130, France

Abstract

AbstractThe weight assigned to public information in Keynesian beauty contests depends on both the precision of signals and the degree of strategic complementarities. This experimental study shows that the response of subjects to changes in signal precision and the degree of strategic complementarities is qualitatively consistent with theoretical predictions, though quantitatively weaker. The weaker response of subjects to changes in the precision of signals, however, mainly drives the weight observed in the experiment, qualifying the role of strategic complementarities and overreaction in experimental beauty contests.

Publisher

Walter de Gruyter GmbH

Subject

General Economics, Econometrics and Finance

Link

https://www.degruyter.com/document/doi/10.1515/bejte-2015-0002/pdf

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