Descripción del proyecto
Selección de mercados, fricciones y contenido informativo de los precios
Los precios informativos requieren un mecanismo eficiente de fijación de precios, así como participantes del mercado instruidos. El equipo del proyecto INFORMATIVEPRICES, financiado por el Consejo Europeo de Investigación, examinará qué configuraciones de mercado dan lugar a precios que agregan información dispersa entre los participantes del mercado, así como el modo en que los agentes económicos adquieren información con respecto a distintos niveles de fricción en los mercados. Para ello, estudiará el contenido informativo de los precios a la hora de elegir entre múltiples subastas de valor común, el patrón de selección de mercado por parte de participantes instruidos y no instruidos, la agregación de información en las subastas y la eficacia de adquirir información mediante la comunicación con expertos.
Objetivo
This project studies information aggregation in multiple-linked auction markets with large numbers of goods and bidders. Past work assumes bidders trade in a single, centralized, frictionless auction market. Instead, I study bidders with unit demand who decide to purchase one of many possible goods which are on auction in distinct markets. The goods traded in each market are identical, common-value objects and the price is determined by a uniform-price auction. Bidders receive imperfect signals about the state of the world and select to bid in one of the auction markets. The markets differ in institutional structure and therefore frictions. Market frictions result from imperfect competition, government interventions, informational frictions, and preference heterogeneity. All such frictions render the gains from trade uncertain.
I address the following questions: How do market frictions affect information aggregation if bidders can strategically choose between markets? What are the mechanisms through which market imperfections disrupt information aggregation? Which market’s price is a better statistic for market participants’ information? Which market attracts better-informed bidders? Do prices aggregate beliefs more accurately in good times or in bad?
Initial findings suggest that the proposed framework can prove particularly fruitful in addressing these questions. Specifically, I show if the gains from trade are uncertain in even one market, then prices do not aggregate information in any of the markets. In contrast, if all markets are frictionless, then the price in each market aggregates information. These findings are driven by how bidders self-select across markets: Better-informed bidders select frictional markets while uninformed, pessimistic bidders select the safety of frictionless markets. These findings suggest a novel mechanism through which market imperfections in one market can have widespread effects across all linked markets.
Ámbito científico
Palabras clave
Programa(s)
Régimen de financiación
ERC-COG - Consolidator GrantInstitución de acogida
34450 Istanbul
Turquía