Innovating Works

ECO2011-23634

Financiado
EL PAPEL DE LA INFORMACION PUBLICA EN LOS MERCADOS: UNA ENFOQUE EXPERIMENTAL Y C...
EL PAPEL DE LA INFORMACION PUBLICA EN LOS MERCADOS: UNA ENFOQUE EXPERIMENTAL Y COMPUTACIONAL THE THEORETICAL APPROACH IN DEALING WITH THE AGGREGATION OF INFORMATION IN MARKETS IN GENERAL AND FINANCIAL MARKETS IN PARTICULAR IS BUILT AROUND THE EFFICIENT MARKET HYPOTHESIS, WHICH STATES THAT THE MARKET FORCES CONVERGE TOWARD... THE THEORETICAL APPROACH IN DEALING WITH THE AGGREGATION OF INFORMATION IN MARKETS IN GENERAL AND FINANCIAL MARKETS IN PARTICULAR IS BUILT AROUND THE EFFICIENT MARKET HYPOTHESIS, WHICH STATES THAT THE MARKET FORCES CONVERGE TOWARDS EQUILIBRIUM PRICES FULLY REVEALING ALL AVAILABLE AND RELEVANT INFORMATION. WITHIN THIS PARADIGM, INFORMATION IS TREATED AS AN EXOGENOUS ELEMENT TO THE SYSTEM, FOCUSING JUST ON CONDITIONS AND CONSEQUENCES OF THE EFFICIENT INCORPORATION OF INFORMATION INTO PRICES. THE PRODUCTION AND ACQUISITION OF THE INFORMATION IS, THEREFORE, NOT A MAJOR FOCUS OF THE THEORETICAL AS WELL AS THE EMPIRICAL ANALYSIS.WE TAKE THE POSITION THAT THE COMPOSITION OF THE SPECTRUM OF INFORMATION SOURCES AFFECTS THE BEHAVIOUR OF THE TRADERS IN THE INFORMATION GATHERING PROCESS. IN OTHER WORDS, THE CONDITIONS UNDER WHICH THE ECONOMIC AGENTS GATHER INFORMATION MIGHT HAVE AN IMPORTANT IMPACT ON THE QUANTITY AND QUALITY OF INFORMATION PRESENT IN THE MARKET. IN THIS PROJECT WE WILL STUDY THE INFORMATION AGGREGATION PROCESS IN A MARKET AS A FUNCTION OF THE ACCESS TO DIFFERENT SOURCES OF INFORMATION, NAMELY AN IMPERFECT, PUBLIC AND COSTLESS SIGNAL INTO A MARKET WHERE THE PARTICIPANTS HAVE ACCESS TO COSTLY AND IMPERFECT PRIVATE INFORMATION . THE BASIC RESEARCH HYPOTHESIS RELIES ON THE FACT THAT THE TRADERS MIGHT PARTIALLY SUBSTITUTE COSTLY PRIVATE INFORMATION WITH THE COSTLESS PUBLIC INFORMATION. THE ACCESS TO PUBLIC SIGNAL MIGHT CROWD OUT PRIVATE INFORMATION FROM THE MARKET. DEPENDING ON THE VARIOUS PARAMETERS CHARACTERIZING THE HETEROGENEOUS SPECTRUM OF INFORMATION SOURCES (E.G. THE COST AND PRECISION OF PRIVATE INFORMATION), THIS SUBSTITUTION EFFECT CAN SIGNIFICANTLY REDUCE THE INFORMATION CONTENT IN THE MARKET, THAT MIGHT FAVOUR THE EMERGENCE OF MARKET INEFFICIENCIES. IN ORDER TO INVESTIGATE THE IMPACT OF THE ACCESS TO INFORMATION ON THE EFFICIENCY OF THE MARKETS AND THE BEHAVIOUR OF THE TRADERS, WE WILL USE BOTH LABORATORY EXPERIMENTS AND COMPUTER SIMULATIONS. THESE METHODOLOGIES HAVE IN COMMON THE POSSIBILITY TO HAVE, AT EACH INSTANT OF TIME, A COMPLETE MONITORING OF THE INFORMATION POSSESSED BY EACH TRADER AND, AT THE SAME TIME, A DETAILED RECORD OF HIS OR HER TRADING ACTIVITY. THE PROJECT WILL HAVE, THEREFORE, A STRONG METHODOLOGICAL CHARACTER, SINCE WE WILL INVESTIGATE THE CONDITIONS AND LIMITATIONS OF COMBINING COMPUTER SIMULATIONS AND LABORATORY EXPERIMENTS IN ANALYSING ECONOMIC PHENOMENA.COMPLEMENTARY TO THE EXPERIMENTAL AND COMPUTATIONAL INVESTIGATION OF THE LABORATORY MARKETS, WE WILL CHARACTERIZE THE PSYCHO-PHYSIOLOGICAL PROFILES OF THE TRADERS. WE PLAN TO RUN A SERIES OF EXPERIMENTS COMBINING MULTI-PARAMETER PHYSIOLOGICAL MEASUREMENTS TO CORRELATE THEIR EMOTIONAL REACTIVITY WITH THEIR BEHAVIOR IN THE MARKETS. THE FINAL OBJECTIVE IS TO DETERMINE AN INDIVIDUAL’S PHYSIOLOGICAL PROFILE AS PREDICTOR OF ECONOMIC AND STRATEGIC BEHAVIOR. ERCADOS\ACTITUD FRENTE AL RIESGO\FISIOPSICOLOGIA\MERCADOS FINANACIEROS\SIMULACIONES\EXPERIMENTOS\INFORMACION ver más
01/01/2011
FUEUJI
95K€
Perfil tecnológico estimado

Línea de financiación: concedida

El organismo AGENCIA ESTATAL DE INVESTIGACIÓN notifico la concesión del proyecto el día 2011-01-01
Presupuesto El presupuesto total del proyecto asciende a 95K€
Líder del proyecto
UNIVERSITAT JAUME I DE CASTELLÓ No se ha especificado una descripción o un objeto social para esta compañía.
Total investigadores 2