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雷达卡
by Larissa Katharina Senninger (Author)
About the Author
Larissa Katharina Senninger holds a master’s degree from the Leopold-Franzens-University in Innsbruck. She started her professional career in the risk controlling department of a German finance service in Munich and is currently responsible for interest rate risk and liquidity risk.
About this book
Larissa Katharina Senninger analyses the phenomenon of wisdom of the crowd in experimental capital markets. Aiming to find out which market mechanism is able to aggregate different information in a meaningful way, a continuous double auction and a call auction mechanism are tested. In line with expectations, markets with continuous double auction mechanism are better able to aggregate information and additionally take a shorter time. The author shows that receiving more information enables subjects to make better estimations, whereas more information improves the quality of estimations significantly only if it is a lot more information.
Brief contents
1 Introduction 1
2 Literature 5
3 Market Experiment 19
3.1 Experimental Design 19
3.2 Individual Estimation 22
3.3 Endowment 24
3.4 Information Levels 26
3.5 Treatments 29
3.5.1 Call Auction Mechanism 30
3.5.2 Continuous Double Auction Mechanism 31
3.6 Payoff 33
3.7 Questionnaire 33
4 Results 35
4.1 Estimations of Glass Value 35
4.2 Estimations in Call Auction Markets and Continuous Double Auction Markets 45
4.3 Market Mechanisms 51
4.4 Trading Volume and Net Change of Assets 64
4.5 Critique and Ideas for Future Research 69
5 Conclusion 73
6 Appendix 77
7 References 89
Series: BestMasters
Pages: 112 pages
Publisher: Springer Gabler; 1st ed. 2018 edition (November 4, 2018)
Language: English
ISBN-10: 3658242930
Springer__Wisdom of the Crowd in Experiments.pdf
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