Experimental Asset Markets: A Survey
Experimental Asset Markets: A Survey
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实验资产市场：调查
DOI：
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发表时间：
1992
期刊：
影响因子：
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通讯作者：
S. Sunder
中科院分区：
文献类型：
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作者：
S. Sunder
资本或资产市场与其他市场的区别在于价格的信息作用和交易者角色的双重性：每个交易者可以买卖资产以换取货币或其他计价商品。尽管其他市场的价格可以让参与者了解自己的机会集，但资本市场的价格实质上为交易者提供了信息，作为其内生形成的需求和供给的决定因素。交易者之间的信息不对称是价格发挥信息作用的重要因素，我将其用作本评论中涵盖的资本或资产市场研究的定义特征。信息传播和聚合可能会发生，但并非在所有情况下都会发生。当它确实发生时，它很少是瞬时的或完美的。尽管这种滞后和不完美常常让理论家烦恼，但当我们考虑到交易者面临的任务的复杂性以及人类信息处理的记录局限性时，它们可能出人意料地小（参见卡默勒，本卷第 8 章）。
Capital or asset markets are distinguished from other markets by the informational role of prices and by the duality of the traders' role: each trader may buy and sell asset(s) in exchange for money or some other numeraire commodity. Although prices in other markets may inform the participants in the sense of making them aware of their opportunity sets, prices in capital markets inform the traders substantively as determinants of their endogenously formed demand and supply. Asymmetry of information among the traders is an essential ingredient for prices to have an informational role, and I use this as the defining characteristic of capital or asset markets research covered in this review. Information dissemination and aggregation can occur, but does not occur under all conditions. When it does occur, it is rarely instantaneous or perfect. Although such lags and imperfections often annoy the theorists, they can be surprisingly small when we consider the complexity of task facing the traders, and the documented limitations of human information processing (see Camerer, chapter 8 in this volume).