信息瀑布中的动物精神

发布时间：2018-03-16 17:43

本文选题：信息瀑布　切入点：信念依赖　出处：《南开管理评论》2010年06期 　论文类型：期刊论文

【摘要】：信息瀑布行为已被研究者逐渐接受并作为经典金融市场理论的有力补充,但现有"一次决策"信息瀑布实验很难刻画这种信念依赖现象;赋予决策者对同一事件一次以上序贯选择机会的多决策信息瀑布实验更符合实际。结果表明:第二次决策阶段信息瀑布发生率显著提高,但决策正确率却有所下降,这为凯恩斯的"动物精神说"提供了实验证据。此外,平衡状态下位于决策序位中部的决策者系统性地背叛了自己的私人信息。
[Abstract]:The information waterfall behavior has been gradually accepted by researchers and used as a powerful supplement to the classical financial market theory. However, it is difficult to describe the belief dependence phenomenon in the current "one decision" information waterfall experiment. The multi-decision information waterfall experiment, which gives decision makers more than one sequential selection opportunity for the same event, is more realistic. The results show that the rate of information waterfall increases significantly in the second decision stage, but the correct decision rate decreases. This provides experimental evidence for Keynes's "animal spirit". In addition, decision makers in the middle of the decision-making order systematically betray their own private information in equilibrium.
【作者单位】：南开大学公司治理研究中心;南开大学泽尔滕实验室;南开大学商学院;香港大学经济与金融学院;
【基金】：国家自然科学基金项目(70972086,70672029) 教育部人文社会科学重点研究基地重大项目(10JJD630002) 国家社会科学重点项目(10Zd&035)资助
【分类号】：F830;F224.32

【共引文献】