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The Effect of Information Strength and Weight on Behavior in Financial Markets

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  • Nelson, Mark W.
  • Bloomfield, Robert
  • Hales, Jeffrey W.
  • Libby, Robert
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    File URL: http://www.sciencedirect.com/science/article/B6WP2-457CVBJ-2/2/6032ef4ab6985e7249f8e359f27a5a66
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    Bibliographic Info

    Article provided by Elsevier in its journal Organizational Behavior and Human Decision Processes.

    Volume (Year): 86 (2001)
    Issue (Month): 2 (November)
    Pages: 168-196

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    Handle: RePEc:eee:jobhdp:v:86:y:2001:i:2:p:168-196

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    References

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    4. Anderson, M.J. & Sunder, S., 1989. "Professional Traders As Intuitive Bayesians," GSIA Working Papers 88-89-51, Carnegie Mellon University, Tepper School of Business.
    5. Heath, Chip & Tversky, Amos, 1991. " Preference and Belief: Ambiguity and Competence in Choice under Uncertainty," Journal of Risk and Uncertainty, Springer, vol. 4(1), pages 5-28, January.
    6. Keren, Gideon, 1987. "Facing uncertainty in the game of bridge: A calibration study," Organizational Behavior and Human Decision Processes, Elsevier, vol. 39(1), pages 98-114, February.
    7. Weber, Martin & Keppe, Hans-Jurgen & Meyer-Delius, Gabriela, 2000. "The impact of endowment framing on market prices -- an experimental analysis," Journal of Economic Behavior & Organization, Elsevier, vol. 41(2), pages 159-176, February.
    8. Van Boening, Mark V. & Williams, Arlington W. & LaMaster, Shawn, 1993. "Price bubbles and crashes in experimental call markets," Economics Letters, Elsevier, vol. 41(2), pages 179-185.
    9. Camerer, Colin & Weigelt, Keith, 1991. "Information Mirages in Experimental Asset Markets," The Journal of Business, University of Chicago Press, vol. 64(4), pages 463-93, October.
    10. Sniezek, Janet A. & Henry, Rebecca A., 1990. "Revision, Weighting, and commitment in consensus group judgment," Organizational Behavior and Human Decision Processes, Elsevier, vol. 45(1), pages 66-84, February.
    11. Williams, Arlington W, 1987. "The Formation of Price Forecasts in Experimental Markets," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 19(1), pages 1-18, February.
    12. Camerer, Colin F & Hogarth, Robin M, 1999. "The Effects of Financial Incentives in Experiments: A Review and Capital-Labor-Production Framework," Journal of Risk and Uncertainty, Springer, vol. 19(1-3), pages 7-42, December.
    13. Bloomfield, Robert & Libby, Robert & Nelson, Mark W., 1996. "Communication of Confidence as a Determinant of Group Judgment Accuracy," Organizational Behavior and Human Decision Processes, Elsevier, vol. 68(3), pages 287-300, December.
    14. Weber, Martin & Camerer, Colin F., 1998. "The disposition effect in securities trading: an experimental analysis," Journal of Economic Behavior & Organization, Elsevier, vol. 33(2), pages 167-184, January.
    15. Tuttle, Brad & Coller, Maribeth & Burton, F. Greg, 1997. "An examination of market efficiency: Information order effects in a laboratory market," Accounting, Organizations and Society, Elsevier, vol. 22(1), pages 89-103, January.
    16. Friedman, Daniel & Ostroy, Joseph, 1995. "Competitivity in Auction Markets: An Experimental and Theoretical Investigation," Economic Journal, Royal Economic Society, vol. 105(428), pages 22-53, January.
    17. Bloomfield, Robert, 1996. " Quotes, Prices, and Estimates in a Laboratory Market," Journal of Finance, American Finance Association, vol. 51(5), pages 1791-1808, December.
    18. Kahneman, Daniel & Knetsch, Jack L & Thaler, Richard H, 1990. "Experimental Tests of the Endowment Effect and the Coase Theorem," Journal of Political Economy, University of Chicago Press, vol. 98(6), pages 1325-48, December.
    19. Bloomfield, Robert & Libby, Robert & Nelson, Mark W., 2000. "Underreactions, overreactions and moderated confidence," Journal of Financial Markets, Elsevier, vol. 3(2), pages 113-137, May.
    20. Smith, Vernon L & Suchanek, Gerry L & Williams, Arlington W, 1988. "Bubbles, Crashes, and Endogenous Expectations in Experimental Spot Asset Markets," Econometrica, Econometric Society, vol. 56(5), pages 1119-51, September.
    21. Camerer, Colin, 1992. "The rationality of prices and volume in experimental markets," Organizational Behavior and Human Decision Processes, Elsevier, vol. 51(2), pages 237-272, March.
    22. David M. Grether & James C. Cox, 1996. "The preference reversal phenomenon: Response mode, markets and incentives (*)," Economic Theory, Springer, vol. 7(3), pages 381-405.
    23. Camerer, Colin & Loewenstein, George & Weber, Martin, 1989. "The Curse of Knowledge in Economic Settings: An Experimental Analysis," Journal of Political Economy, University of Chicago Press, vol. 97(5), pages 1232-54, October.
    24. Waller, William S. & Shapiro, Brian & Sevcik, Galen, 1999. "Do cost-based pricing biases persist in laboratory markets?," Accounting, Organizations and Society, Elsevier, vol. 24(8), pages 717-739, November.
    25. Kim, Peter H., 1997. "When What You KnowCanHurt You: A Study of Experiential Effects on Group Discussion and Performance," Organizational Behavior and Human Decision Processes, Elsevier, vol. 69(2), pages 165-177, February.
    26. Lind, Barry & Plott, Charles R, 1991. "The Winner's Curse: Experiments with Buyers and with Sellers," American Economic Review, American Economic Association, vol. 81(1), pages 335-46, March.
    27. Sniezek, Janet A., 1992. "Groups under uncertainty: An examination of confidence in group decision making," Organizational Behavior and Human Decision Processes, Elsevier, vol. 52(1), pages 124-155, June.
    28. Bloomfield, Robert & Libby, Robert & Nelson, Mark W., 1999. "Confidence and the welfare of less-informed investors," Accounting, Organizations and Society, Elsevier, vol. 24(8), pages 623-647, November.
    29. Curley, Shawn P. & Yates, J. Frank & Abrams, Richard A., 1986. "Psychological sources of ambiguity avoidance," Organizational Behavior and Human Decision Processes, Elsevier, vol. 38(2), pages 230-256, October.
    30. DiFonzo, Nicholas & Bordia, Prashant, 1997. "Rumor and Prediction: Making Sense (but Losing Dollars) in the Stock Market," Organizational Behavior and Human Decision Processes, Elsevier, vol. 71(3), pages 329-353, September.
    31. Davis, James H., 1992. "Some compelling intuitions about group consensus decisions, theoretical and empirical research, and interpersonal aggregation phenomena: Selected examples 1950-1990," Organizational Behavior and Human Decision Processes, Elsevier, vol. 52(1), pages 3-38, June.
    32. Smith, Vernon L & Walker, James M, 1993. "Rewards, Experience and Decision Costs in First Price Auctions," Economic Inquiry, Western Economic Association International, vol. 31(2), pages 237-45, April.
    33. Rakesh K. Sarin & Martin Weber, 1993. "Effects of Ambiguity in Market Experiments," Management Science, INFORMS, vol. 39(5), pages 602-615, May.
    34. Camerer, Colin F, 1987. "Do Biases in Probability Judgment Matter in Markets? Experimental Evidence," American Economic Review, American Economic Association, vol. 77(5), pages 981-97, December.
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    Cited by:
    1. Hales, Jeffrey, 2009. "Are investors really willing to agree to disagree? An experimental investigation of how disagreement and attention to disagreement affect trading behavior," Organizational Behavior and Human Decision Processes, Elsevier, vol. 108(2), pages 230-241, March.
    2. Wainberg, James S. & Kida, Thomas & David Piercey, M. & Smith, James F., 2013. "The impact of anecdotal data in regulatory audit firm inspection reports," Accounting, Organizations and Society, Elsevier, vol. 38(8), pages 621-636.
    3. Morris, Michael W. & Sheldon, Oliver J. & Ames, Daniel R. & Young, Maia J, 2007. "Metaphors and the market: Consequences and preconditions of agent and object metaphors in stock market commentary," Organizational Behavior and Human Decision Processes, Elsevier, vol. 102(2), pages 174-192, March.

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