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dc.contributor.authorCaccioli, Fabioen
dc.contributor.authorMarsili, Matteoen
dc.date.accessioned2010-01-06-
dc.date.accessioned2010-01-12T16:01:27Z-
dc.date.available2010-01-12T16:01:27Z-
dc.date.issued2010-
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
dc.language.isoengen
dc.publisher|aKiel Institute for the World Economy (IfW) |cKielen
dc.relation.ispartofseries|aEconomics Discussion Papers |x2010-3en
dc.subject.jelG01en
dc.subject.jelG14en
dc.subject.ddc330en
dc.subject.keywordInteracting agents modelsen
dc.subject.keywordmarket efficiencyen
dc.subject.keywordmarket stabilityen
dc.subject.keywordstatistical mechanics of financial marketen
dc.subject.stwFinanzmarkten
dc.subject.stwBubblesen
dc.subject.stwEffizienzmarkttheseen
dc.subject.stwInformationseffizienzen
dc.subject.stwAnlageverhaltenen
dc.subject.stwWertpapieranalyseen
dc.subject.stwAgent-based Modelen
dc.subject.stwEconophysicsen
dc.subject.stwTheorieen
dc.titleEfficiency and stability in complex financial markets-
dc.typeWorking Paperen
dc.identifier.ppn615809022en
dc.rights.licensehttp://creativecommons.org/licenses/by-nc/2.0/de/deed.enen
dc.identifier.repecRePEc:zbw:ifwedp:20103en

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