Market behavior in the presence of costly, imperfect information: experimental evidence

Article Abstract:

An analysis of the value of imperfect information on prices reveals that market prices are consistent with the Bayesian rule in 7 out of 12 cases and that the information is at least partly disseminated. Furthermore, the study reveals that imperfect information is given value by traders but to a lesser degree than the upper bound of information value thus providing evidence that the value of information is kept at reasonable price.

Research and Development in the Social Sciences and Humanities, Management Science, Research, Behavior, Information management, Commodity brokers

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Examining risk preferences under high monetary incentives: experimental evidence from the People's Republic of China

Article Abstract:

Research was conducted to determine how the level of monetary incentives would affect risk preferences and to evaluate the robustness of previous research. A certainty-equivalent task was used to study monetary rewards that were much higher than living costs in China. The results indicated that the level of monetary incentives had a statistically significant effect on risk preferences.

Risk perception

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Culture and competition: a laboratory market comparison between China and the West

Article Abstract:

The robustness of the Western competitive market behavior theory is tested in a comparative laboratory market involving traders from China, Canada and the US. Results indicate that behavioral differences exist between China and Western countries in isolated instances. However, there is a convergence of behavior in general which supports the competitive behavior model across cultures.

Social aspects, Models, China, Canada, Competition (Economics), United States economic conditions, Equilibrium (Economics)

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