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dc.contributor.authorCaccioli, Fabioen_US
dc.contributor.authorMarsili, Matteoen_US
dc.date.accessioned2010-07-15en_US
dc.date.accessioned2010-07-21T15:15:37Z-
dc.date.available2010-07-21T15:15:37Z-
dc.date.issued2010en_US
dc.identifier.citationEconomics: The Open-Access, Open-Assessment E-Journal 4 2010-20 1-20 doi:10.5018/economics-ejournal.ja.2010-20en_US
dc.identifier.pidoi:10.5018/economics-ejournal.ja.2010-20-
dc.identifier.urihttp://hdl.handle.net/10419/36706-
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.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 marketsen_US
dc.subject.stwUnvollkommene Informationen_US
dc.subject.stwBubblesen_US
dc.subject.stwFinanzmarkten_US
dc.subject.stwMarkteffizienzen_US
dc.subject.stwInformationsverbreitungen_US
dc.subject.stwAgent-based Modelen_US
dc.subject.stwTheorieen_US
dc.titleInformation efficiency and financial stabilityen_US
dc.typeArticleen_US
dc.identifier.ppn631216685en_US
dc.rights.licensehttp://creativecommons.org/licenses/by-nc/2.0/de/deed.en-
dc.identifier.repecRePEc:zbw:ifweej:201020-
Appears in Collections:Economics: The Open-Access, Open-Assessment E-Journal - Journal Articles

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