Author
Abstract
The price of a security reflects the average market view of informed investors. Nevertheless, it is unclear to what extent investors actually use the information contained within the price when making decisions. DIW Berlin researched this question, in cooperation with the Humboldt University of Berlin, using a decision-making experiment. For this purpose, the decisions of investors in order-driven markets were mapped out. In such markets, investors place their orders before the stock price has been determined. The results were then compared with those that arose from a different situation in which investors first observe the price of a financial product, and then place an order. It turns out that the observability of the price influences the rationality of investment decisions. Investors make better use of the information about the expectations of other investors that is contained in the price if they observe the actual price. Der Preis eines Wertpapiers spiegelt die durchschnittliche Markteinschätzung informierter Investoren. Dennoch ist unklar, inwiefern Investoren diese im Preis verfügbare Information für ihre Entscheidungen tatsächlich nutzen. Das DIW Berlin hat diese Frage im Verbund mit der Humboldt-Universität zu Berlin in einem Entscheidungsexperiment erforscht. Zu diesem Zweck wird das Entscheidungsproblem von Investoren auf ordergetriebenen Aktienmärkten abgebildet. Hier platzieren Investoren ihre Order, bevor der Aktienpreis ermittelt wird. Die Ergebnisse werden mit dem Fall verglichen, in dem die Investoren den Preis für ein Finanzprodukt zuerst beobachten und dann eine Order platzieren. Es zeigt sich, dass die Beobachtbarkeit des Preises die Rationalität von Investitionsentscheidungen beeinflusst. Investoren nutzen besser die im Preis enthaltene Information über die Erwartungen der übrigen Investoren, wenn sie den tatsächlichen Preis beobachten.
Suggested Citation
Kathleen Ngangoué, 2015.
"Sehen, um zu verstehen: Preiskenntnis fördert rationale Investitionsentscheidungen,"
DIW Wochenbericht, DIW Berlin, German Institute for Economic Research, vol. 82(34), pages 740-747.
Handle:
RePEc:diw:diwwob:82-34-3
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JEL classification:
- D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
- C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
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