Diversity in cognitive ability enlarges mispricing
Diversity in cognitive ability enlarges mispricing
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发表时间：
2015-09
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通讯作者：
Nobuyuki Hanaki;E. Akiyama;Yukihiko Funaki;Ryuichiro Ishikawa
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作者：
Nobuyuki Hanaki;E. Akiyama;Yukihiko Funaki;Ryuichiro Ishikawa
市场参与者认知能力的已知差异如何影响市场结果？我们通过首先测量受试者的认知能力来研究这个问题，并将其归类为“H”型（高于中等能力）和“L”型（低于中等能力）。然后，我们构建了三种市场，每种市场有 6 个交易者：6H、6L 和 3H3L。受试者被告知自己的认知类型以及市场上其他人的认知类型。我们发现异质市场（3H3L）比同质市场（6H 或 6L）产生的错误定价要大得多。因此，市场参与者认知能力的已知差异会影响错误定价。
How does known diversity in cognitive ability among market participants influence market outcomes? We investigated this question by first measuring subjects' cognitive ability and categorizing them as `H' type for those above median ability and `L' type for those below median ability. We then constructed three kinds of markets with six traders each: 6H, 6L, and 3H3L. Subjects were informed of their own cognitive type and that of the others in their market. We found heterogeneous markets (3H3L) generated significantly larger mispricing than homogeneous markets (6H or 6L). Thus, known diversity in cognitive ability among market participants impacts mispricing.