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Publicité limitée de l'information et sur-réaction aux annonces lors des épisodes spéculatifs

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  • Camille Cornand
  • Frank Heinemann

Abstract

The model of Morris and Shin [2002] shows that imprecise public announcements can coordinate the actions of speculators far from the fundamental because of over-reaction to announcements. The strong focal potential of common knowledge is welfare damaging when it induces over-reaction to an imprecise public signal. However, laboratory experiments show that agents over-react to announcements, but not as much as what is theoretically predicted in models based on public information that generates common knowledge. This paper introduces the notion of limited degree of publicity, which seems to render better account for the actual degree of agents? over-reaction. Classification JEL : C73, D82, F31

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Article provided by Presses de Sciences-Po in its journal Revue économique.

Volume (Year): 57 (2006)
Issue (Month): 3 ()
Pages: 399-405

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Handle: RePEc:cai:recosp:reco_573_0399

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  1. Frank Heinemann & Rosemarie Nagel & Peter Ockenfels, 2004. "The Theory of Global Games on Test: Experimental Analysis of Coordination Games with Public and Private Information," Econometrica, Econometric Society, Econometric Society, vol. 72(5), pages 1583-1599, 09.
  2. Camille Cornand & Frank Heinemann, 2004. "Optimal Degree of Public Information Dissemination," CESifo Working Paper Series 1353, CESifo Group Munich.
  3. Dorothea K¸bler & Georg Weizs”cker, 2004. "Limited Depth of Reasoning and Failure of Cascade Formation in the Laboratory," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 71(2), pages 425-441, 04.
  4. Nagel, Rosemarie, 1995. "Unraveling in Guessing Games: An Experimental Study," American Economic Review, American Economic Association, vol. 85(5), pages 1313-26, December.
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