Replication data for: Coordination in the Presence of Asset Markets
Principal Investigator(s): View help for Principal Investigator(s) Shimon Kogan; Anthony M. Kwasnica; Roberto A. Weber
Version: View help for Version V1
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LICENSE.txt | text/plain | 14.6 KB | 10/11/2019 11:44:AM |
Project Citation:
Kogan, Shimon, Kwasnica, Anthony M., and Weber, Roberto A. Replication data for: Coordination in the Presence of Asset Markets. Nashville, TN: American Economic Association [publisher], 2011. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-11. https://doi.org/10.3886/E112416V1
Project Description
Summary:
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We explore the relationship between outcomes in a coordination game and a pre-play asset market where asset values are determined by outcomes in the subsequent coordination game. Across two experiments, we vary the payoffs from the market relative to the game, the degree of interdependence in the game, and whether traders' asset payoffs are dependent on outcomes in their own or another game. Markets lead to significantly lower efficiency across treatments, even when they produce no distortion of incentives in the game. Market prices forecast game outcomes. Our experiments shed light on how financial markets may influence affiliated economic outcomes. (JEL C91, D83, G13, G14)
Scope of Project
JEL Classification:
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C91 Design of Experiments: Laboratory, Individual
D83 Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
G13 Contingent Pricing; Futures Pricing; option pricing
G14 Information and Market Efficiency; Event Studies; Insider Trading
C91 Design of Experiments: Laboratory, Individual
D83 Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
G13 Contingent Pricing; Futures Pricing; option pricing
G14 Information and Market Efficiency; Event Studies; Insider Trading
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