Information Aggregation Strategic Behavior And Efficiency

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Information and Learning in Markets

Author : Xavier Vives
Publisher : Princeton University Press
ISBN 13 : 140082950X
Total Pages : 422 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis Information and Learning in Markets by : Xavier Vives

Download or read book Information and Learning in Markets written by Xavier Vives and published by Princeton University Press. This book was released on 2010-01-25 with total page 422 pages. Available in PDF, EPUB and Kindle. Book excerpt: The ways financial analysts, traders, and other specialists use information and learn from each other are of fundamental importance to understanding how markets work and prices are set. This graduate-level textbook analyzes how markets aggregate information and examines the impacts of specific market arrangements--or microstructure--on the aggregation process and overall performance of financial markets. Xavier Vives bridges the gap between the two primary views of markets--informational efficiency and herding--and uses a coherent game-theoretic framework to bring together the latest results from the rational expectations and herding literatures. Vives emphasizes the consequences of market interaction and social learning for informational and economic efficiency. He looks closely at information aggregation mechanisms, progressing from simple to complex environments: from static to dynamic models; from competitive to strategic agents; and from simple market strategies such as noncontingent orders or quantities to complex ones like price contingent orders or demand schedules. Vives finds that contending theories like informational efficiency and herding build on the same principles of Bayesian decision making and that "irrational" agents are not needed to explain herding behavior, booms, and crashes. As this book shows, the microstructure of a market is the crucial factor in the informational efficiency of prices. Provides the most complete analysis of the ways markets aggregate information Bridges the gap between the rational expectations and herding literatures Includes exercises with solutions Serves both as a graduate textbook and a resource for researchers, including financial analysts

Organizational Decision Making

Author : Zur Shapira
Publisher : Cambridge University Press
ISBN 13 : 9780521890502
Total Pages : 420 pages
Book Rating : 4.8/5 (95 download)

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Book Synopsis Organizational Decision Making by : Zur Shapira

Download or read book Organizational Decision Making written by Zur Shapira and published by Cambridge University Press. This book was released on 2002-03-25 with total page 420 pages. Available in PDF, EPUB and Kindle. Book excerpt: Explores decision making in organizations, highlighting the roles of incentive, conflict, power and politics.

Handbook of Experimental Game Theory

Author : C. M. Capra
Publisher : Edward Elgar Publishing
ISBN 13 : 1785363336
Total Pages : 448 pages
Book Rating : 4.7/5 (853 download)

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Book Synopsis Handbook of Experimental Game Theory by : C. M. Capra

Download or read book Handbook of Experimental Game Theory written by C. M. Capra and published by Edward Elgar Publishing. This book was released on 2020-10-30 with total page 448 pages. Available in PDF, EPUB and Kindle. Book excerpt: The aim of this Handbook is twofold: to educate and to inspire. It is meant for researchers and graduate students who are interested in taking a data-based and behavioral approach to the study of game theory. Educators and students of economics will find the Handbook useful as a companion book to conventional upper-level game theory textbooks, enabling them to compare and contrast actual behavior with theoretical predictions. Researchers and non-specialists will find valuable examples of laboratory and field experiments that test game theoretic propositions and suggest new ways of modeling strategic behavior. Chapters are organized into several sections; each section concludes with an inspirational chapter, offering suggestions on new directions and cutting-edge topics of research in experimental game theory.

The Complex Dynamics of Economic Interaction

Author : Mauro Gallegati
Publisher : Springer Science & Business Media
ISBN 13 : 3642170455
Total Pages : 404 pages
Book Rating : 4.6/5 (421 download)

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Book Synopsis The Complex Dynamics of Economic Interaction by : Mauro Gallegati

Download or read book The Complex Dynamics of Economic Interaction written by Mauro Gallegati and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economy is examined by the authors as a complex interactive system. The emphasis is on the direct interaction between agents rather than on the indirect and autonomous interaction through the market mechanism. Contributions from economists and physicists emphasise the consequences for aggregate behaviour of the interaction between agents with limited rationality. Models of financial markets which exhibit many of the stylised facts of empirical markets such as bubbles, herd behaviour and long memory are presented. This includes contributions on bargaining, buyer-seller relations, the evolution of economic networks and several aspects of macro-economic behaviour. This book will be of interest to all those interested in the foundations of collective social and economic behaviour and in particular, to those concerned with the dynamics of market behaviour and recent applications of physics to economics.

Recent Advances in Financial Engineering

Author : Masaaki Kijima
Publisher : World Scientific
ISBN 13 : 9814366021
Total Pages : 258 pages
Book Rating : 4.8/5 (143 download)

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Book Synopsis Recent Advances in Financial Engineering by : Masaaki Kijima

Download or read book Recent Advances in Financial Engineering written by Masaaki Kijima and published by World Scientific. This book was released on 2011 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book contains the proceedings of the KIER-TMU International Workshop on Financial Engineering 2010, which was held in Tokyo, in order to exchange new ideas in financial engineering among industry professionals and researchers from various countries. It has been held for two consecutive years since 2009, as a successor to the Daiwa International Workshop, which was held from 2004 to 2008, and is organized by the Institute of Economic Research of Kyoto University (KIER) and the Graduate School of Social Sciences of Tokyo Metropolitan University (TMU).The workshop serves as a bridge between academic researchers and practitioners. This book consists of eleven papers ? all refereed ? representing or related to the presentations at the workshop. The papers address state-of-the-art techniques in financial engineering. The Proceedings of the 2009 workshop was also published by World Scientific Publishing.

Hayek's Political Theory, Epistemology, and Economics

Author : Jeffrey Friedman
Publisher : Routledge
ISBN 13 : 1317586131
Total Pages : 283 pages
Book Rating : 4.3/5 (175 download)

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Book Synopsis Hayek's Political Theory, Epistemology, and Economics by : Jeffrey Friedman

Download or read book Hayek's Political Theory, Epistemology, and Economics written by Jeffrey Friedman and published by Routledge. This book was released on 2016-04-14 with total page 283 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hayek thought that all economic behavior (and by implication other human behavior) is based on fallible interpretations of what information is important and of its implications for the future. This epistemological idea animated not only his heterodox economic thought, but his ideal of the rule of law; his road-to-serfdom thesis; and his critique of the notion of social justice. However, the epistemological idea is a protean one that Hayek did not always handle carefully. This volume presents one of the most sophisticated critical reflections on Hayek ever assembled between two covers. This book was originally published as a special issue of Critical Review.

Judgment Aggregation

Author : Davide Kantarcioglu
Publisher : Springer Nature
ISBN 13 : 3031015681
Total Pages : 133 pages
Book Rating : 4.0/5 (31 download)

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Book Synopsis Judgment Aggregation by : Davide Kantarcioglu

Download or read book Judgment Aggregation written by Davide Kantarcioglu and published by Springer Nature. This book was released on 2022-06-01 with total page 133 pages. Available in PDF, EPUB and Kindle. Book excerpt: Judgment aggregation is a mathematical theory of collective decision-making. It concerns the methods whereby individual opinions about logically interconnected issues of interest can, or cannot, be aggregated into one collective stance. Aggregation problems have traditionally been of interest for disciplines like economics and the political sciences, as well as philosophy, where judgment aggregation itself originates from, but have recently captured the attention of disciplines like computer science, artificial intelligence and multi-agent systems. Judgment aggregation has emerged in the last decade as a unifying paradigm for the formalization and understanding of aggregation problems. Still, no comprehensive presentation of the theory is available to date. This Synthesis Lecture aims at filling this gap presenting the key motivations, results, abstractions and techniques underpinning it. Table of Contents: Preface / Acknowledgments / Logic Meets Social Choice Theory / Basic Concepts / Impossibility / Coping with Impossibility / Manipulability / Aggregation Rules / Deliberation / Bibliography / Authors' Biographies / Index

Understanding Strategic Interaction

Author : Wulf Albers
Publisher : Springer Science & Business Media
ISBN 13 : 3642604951
Total Pages : 526 pages
Book Rating : 4.6/5 (426 download)

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Book Synopsis Understanding Strategic Interaction by : Wulf Albers

Download or read book Understanding Strategic Interaction written by Wulf Albers and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 526 pages. Available in PDF, EPUB and Kindle. Book excerpt: Strategic interaction occurs whenever it depends on others what one finally obtains: on markets, in firms, in politics etc. Game theorists analyse such interaction normatively, using numerous different methods. The rationalistic approach assumes perfect rationality whereas behavioral theories take into account cognitive limitations of human decision makers. In the animal kingdom one usually refers to evolutionary forces when explaining social interaction. The volume contains innovative contributions, surveys of previous work and two interviews which shed new light on these important topics of the research agenda. The contributions come from highly regarded researchers from all over the world who like to express in this way their intellectual inspiration by the Nobel-laureate Reinhard Selten.

The Efficient Market Hypothesists

Author : Colin Read
Publisher : Springer
ISBN 13 : 1137292210
Total Pages : 205 pages
Book Rating : 4.1/5 (372 download)

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Book Synopsis The Efficient Market Hypothesists by : Colin Read

Download or read book The Efficient Market Hypothesists written by Colin Read and published by Springer. This book was released on 2015-12-26 with total page 205 pages. Available in PDF, EPUB and Kindle. Book excerpt: Describes the lives, theories, and legacies of six great minds in finance who changed the way we look at financial markets and equilibrium. Bachelier, Samuelson, Fama, Ross, Tobin, and Shiller; proponents and critics of the market efficiency theories who redefined modern finance, creating the foundation on which all financial analysis rests.

F. A. Hayek

Author : Peter J. Boettke
Publisher : Springer
ISBN 13 : 1137411600
Total Pages : 342 pages
Book Rating : 4.1/5 (374 download)

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Book Synopsis F. A. Hayek by : Peter J. Boettke

Download or read book F. A. Hayek written by Peter J. Boettke and published by Springer. This book was released on 2018-09-05 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the life and work of Austrian-British economist, political economist, and social philosopher, Friedrich Hayek. Set within a context of the recent financial crisis, alongside the renewed interest in Hayek and the Hayek-Keynes debate, the book introduces the main themes of Hayek’s thought. These include the division of knowledge, the importance of rules, the problems with planning and economic management, and the role of constitutional constraints in enabling the emergence of unplanned order in the market by limiting the perverse incentives and distortions in information often associated with political discretion. Key to understanding Hayek's development as a thinker is his emphasis on the knowledge problem that economic decision makers face and how alternative institutional arrangements either hinder or assist them in overcoming that epistemic dilemma. Hayek saw order emerging from individual action and responsibility under the appropriate institutional order that itself emerges from actors discovering new and better ways to coordinate their behavior. This book will be of interest to all those keen to gain a deeper understanding of this great 20th century thinker in economics.

Information, Incentives, and Economic Mechanisms

Author : Theodore Groves
Publisher : U of Minnesota Press
ISBN 13 : 1452908044
Total Pages : 410 pages
Book Rating : 4.4/5 (529 download)

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Book Synopsis Information, Incentives, and Economic Mechanisms by : Theodore Groves

Download or read book Information, Incentives, and Economic Mechanisms written by Theodore Groves and published by U of Minnesota Press. This book was released on 1987 with total page 410 pages. Available in PDF, EPUB and Kindle. Book excerpt: Printbegrænsninger: Der kan printes 10 sider ad gangen og max. 40 sider pr. session

Contents of Recent Economics Journals

Author :
Publisher :
ISBN 13 :
Total Pages : 396 pages
Book Rating : 4.:/5 (334 download)

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Book Synopsis Contents of Recent Economics Journals by :

Download or read book Contents of Recent Economics Journals written by and published by . This book was released on 1998-12-31 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Strategic Analysis Of Financial Markets, The (In 2 Volumes)

Author : Steven D Moffitt
Publisher : World Scientific Publishing Company
ISBN 13 : 9813143770
Total Pages : 1119 pages
Book Rating : 4.8/5 (131 download)

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Book Synopsis Strategic Analysis Of Financial Markets, The (In 2 Volumes) by : Steven D Moffitt

Download or read book Strategic Analysis Of Financial Markets, The (In 2 Volumes) written by Steven D Moffitt and published by World Scientific Publishing Company. This book was released on 2017-03-24 with total page 1119 pages. Available in PDF, EPUB and Kindle. Book excerpt: Volume 1 of 'The Strategic Analysis of Financial Markets,' — Framework, is premised on the belief that markets can be understood only by dropping the assumptions of rationality and efficient markets in their extreme forms, and showing that markets still have an inherent order and inherent logic. But that order results primarily from the 'predictable irrationality' of investors, as well as from people's uncoordinated attempts to profit. The market patterns that result do not rely on rationality or efficiency.A framework is developed for understanding financial markets using a combination of psychology, statistics, game and gambling analysis, market history and the author's experience. It expresses analytically how professional investors and traders think about markets — as games in which other participants employ inferior, partially predictable strategies. Those strategies' interactions can be toxic and lead to booms, bubbles, busts and crashes, or can be less dramatic, leading to various patterns that are mistakenly called 'market inefficiencies' and 'stylized facts.'A logical case is constructed, starting from two foundations, the psychology of human decision making and the 'Fundamental Laws of Gambling.' Applying the Fundamental Laws to trading leads to the idea of 'gambling rationality' (grationality), replacing the efficient market's concept of 'rationality.' By classifying things that are likely to have semi-predictable price impacts (price 'distorters'), one can identify, explore through data analysis, and create winning trading ideas and systems. A structured way of doing all this is proposed: the six-step 'Strategic Analysis of Market Method.' Examples are given in this and Volume 2.Volume 2 of 'The Strategic Analysis of Financial Markets' — Trading System Analytics, continues the development of Volume 1 by introducing tools and techniques for developing trading systems and by illustrating them using real markets. The difference between these two Volumes and the rest of the literature is its rigor. It describes trading as a form of gambling that when properly executed, is quite logical, and is well known to professional gamblers and analytical traders.But even those elites might be surprised at the extent to which quantitative methods have been justified and applied, including a life cycle theory of trading systems. Apart from a few sections that develop background material, Volume 2 creates from scratch a trading system for Eurodollar futures using principles of the Strategic Analysis of Markets Method (SAMM), a principled, step-by-step approach to developing profitable trading systems. It has an entire Chapter on mechanical methods for testing and improvement of trading systems, which transcends the rather unstructured and unsatisfactory 'backtesting' literature. It presents a breakout trend following system developed using factor models. It also presents a specific pairs trading system, and discusses its life cycle from an early, highly profitable period to its eventual demise. Recent developments in momentum trading and suggestions on improvements are also discussed.

Decision Economics: In the Tradition of Herbert A. Simon's Heritage

Author : Edgardo Bucciarelli
Publisher : Springer
ISBN 13 : 3319608827
Total Pages : 162 pages
Book Rating : 4.3/5 (196 download)

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Book Synopsis Decision Economics: In the Tradition of Herbert A. Simon's Heritage by : Edgardo Bucciarelli

Download or read book Decision Economics: In the Tradition of Herbert A. Simon's Heritage written by Edgardo Bucciarelli and published by Springer. This book was released on 2017-06-13 with total page 162 pages. Available in PDF, EPUB and Kindle. Book excerpt: The special session on Decision Economics (DECON) is a scientific forum held annually and intended to share ideas, projects, research results, models and experiences associated with the complexity of behavioural decision processes and socio‐economic phenomena. DECON 2017 was held at the Polytechnic of Porto, ISEP, Portugal, as part of the 14th International Conference on Distributed Computing and Artificial Intelligence. For the second consecutive year, the Editors of this book have drawn inspiration from Herbert A. Simon’s immense body of work and argue that Simon precipitated something akin to a revolution in microeconomics focused on the concept of decision‐making. Further, it is worth noting that the recognition of relevant decision‐making takes place in a range of critical subject areas and research fields, including economics, finance, information systems, small and international business management, operations, and production. Therefore, decision‐making issues are of fundamental importance in all branches of economics addressed both deductively and inductively. Not surprisingly, the study of decision‐making has seen growing empirical research efforts in the economic literature over the last sixty years and, more recently, a variety of insightful cutting‐edge experimental, behavioural and computational approaches. Additionally, the awareness regarding generalizations and reductions to express economic concepts has led, on the one hand, to an increasing risk of spreading the language of mathematics as a rhetorical tool and, on the other hand, to an oversimplification and overlooking of some crucial details, especially when it comes to human decisions and, hence, economic behaviour. That awareness, however, has helped to produce an extraordinary volume of empirical research aimed at discovering how economic agents cope with complex decisions. In this sense, the international scientific community acknowledges Herbert A. Simon’s research endeavours to understand the processes involved in economic decision‐making and their implications for the advancement of economic professions. Within the field of decision‐making, indeed, Simon’s rejection of the standard decision‐making models used in neoclassical economics inspired social scientists worldwide to develop research programmes in order to study decision‐making empirically. The main achievements concern decision‐making for individuals, firms, markets, governments, institutions, and, last but not least, science and research.

The New Palgrave Dictionary of Economics

Author :
Publisher : Springer
ISBN 13 : 1349588024
Total Pages : 7493 pages
Book Rating : 4.3/5 (495 download)

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Book Synopsis The New Palgrave Dictionary of Economics by :

Download or read book The New Palgrave Dictionary of Economics written by and published by Springer. This book was released on 2016-05-18 with total page 7493 pages. Available in PDF, EPUB and Kindle. Book excerpt: The award-winning The New Palgrave Dictionary of Economics, 2nd edition is now available as a dynamic online resource. Consisting of over 1,900 articles written by leading figures in the field including Nobel prize winners, this is the definitive scholarly reference work for a new generation of economists. Regularly updated! This product is a subscription based product.

Improving Training Effectiveness in Work Organizations

Author : J. Kevin Ford
Publisher : Psychology Press
ISBN 13 : 131778121X
Total Pages : 446 pages
Book Rating : 4.3/5 (177 download)

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Book Synopsis Improving Training Effectiveness in Work Organizations by : J. Kevin Ford

Download or read book Improving Training Effectiveness in Work Organizations written by J. Kevin Ford and published by Psychology Press. This book was released on 2014-01-14 with total page 446 pages. Available in PDF, EPUB and Kindle. Book excerpt: This compelling volume presents the work of innovative researchers dealing with current issues in training and training effectiveness in work organizations. Each chapter provides an integrative summary of a research area with the goal of developing a specific research agenda that will not only stimulate thinking in the training field but also direct future research. By concentrating on new ideas and critical methodological and measurement issues rather than summarizing existing literature, the volume offers definitive suggestions for advancing the effectiveness of the training field. Its chapters focus on emerging issues in training that have important implications for improving both training design and efficacy. They discuss various levels of analysis-- intra-individual, inter-individual, team, and organizational issues--and the factors relevant to achieving a better understanding of training effectiveness from these different perspectives. This type of coverage provides a theoretically driven scientist/practitioner orientation to the book.

The Handbook of Experimental Economics, Volume 2

Author : John H. Kagel
Publisher : Princeton University Press
ISBN 13 : 0691139997
Total Pages : 770 pages
Book Rating : 4.6/5 (911 download)

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Book Synopsis The Handbook of Experimental Economics, Volume 2 by : John H. Kagel

Download or read book The Handbook of Experimental Economics, Volume 2 written by John H. Kagel and published by Princeton University Press. This book was released on 2016-10-04 with total page 770 pages. Available in PDF, EPUB and Kindle. Book excerpt: An indispensable survey of new developments and results in experimental economics When The Handbook of Experimental Economics first came out in 1995, the notion of economists conducting lab experiments to generate data was relatively new. Since then, the field has exploded. This second volume of the Handbook covers some of the most exciting new growth areas in experimental economics, presents the latest results and experimental methods, and identifies promising new directions for future research. Featuring contributions by leading practitioners, the Handbook describes experiments in macroeconomics, charitable giving, neuroeconomics, other-regarding preferences, market design, political economy, subject population effects, gender effects, auctions, and learning and the economics of small decisions. Contributors focus on key developments and report on experiments, highlighting the dialogue between experimenters and theorists. While most of the experiments consist of laboratory studies, the book also includes several chapters that report extensively on field experiments related to the subject area studied. Covers exciting new growth areas in experimental economics Features contributions by leading experts Describes experiments in macroeconomics, charitable giving, neuroeconomics, market design, political economy, gender effects, auctions, and more Highlights the dialogue by experimenters with theorists and each other Includes several chapters covering field experiments related to the subject area studied