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dc.contributor.authorCaccioli, Fabioen_US
dc.contributor.authorMarsili, Matteoen_US
dc.date.accessioned2010-01-06en_US
dc.date.accessioned2010-01-12T16:01:27Z-
dc.date.available2010-01-12T16:01:27Z-
dc.date.issued2010en_US
dc.identifier.urihttp://hdl.handle.net/10419/29537-
dc.description.abstractThe authors study a simple model of an asset market with informed and non-informed agents. In the absence of non-informed agents, the market becomes information efficient when the number of traders with different private information is large enough. Upon introducing non-informed agents, the authors find that the latter contribute significantly to the trading activity if and only if the market is (nearly) information efficient. This suggests that information efficiency might be a necessary condition for bubble phenomena - induced by the behavior of non-informed traders - or conversely that throwing some sands in the gears of financial markets may curb the occurrence of bubbles.en_US
dc.language.isoengen_US
dc.publisherKiel Institute for the World Economy (IfW) Kielen_US
dc.relation.ispartofseriesEconomics Discussion Papers 2010-3en_US
dc.subject.jelG01en_US
dc.subject.jelG14en_US
dc.subject.ddc330en_US
dc.subject.keywordInteracting agents modelsen_US
dc.subject.keywordmarket efficiencyen_US
dc.subject.keywordmarket stabilityen_US
dc.subject.keywordstatistical mechanics of financial marketen_US
dc.subject.stwFinanzmarkten_US
dc.subject.stwBubblesen_US
dc.subject.stwEffizienzmarkttheseen_US
dc.subject.stwInformationseffizienzen_US
dc.subject.stwAnlageverhaltenen_US
dc.subject.stwWertpapieranalyseen_US
dc.subject.stwAgent-based Modelen_US
dc.subject.stwEconophysicsen_US
dc.subject.stwTheorieen_US
dc.titleEfficiency and stability in complex financial marketsen_US
dc.typeWorking Paperen_US
dc.identifier.ppn615809022en_US
dc.rights.licensehttp://creativecommons.org/licenses/by-nc/2.0/de/deed.en-
dc.identifier.repecRePEc:zbw:ifwedp:20103-
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