Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/36706 
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dc.contributor.authorCaccioli, Fabioen
dc.contributor.authorMarsili, Matteoen
dc.date.accessioned2010-07-15-
dc.date.accessioned2010-07-21T15:15:37Z-
dc.date.available2010-07-21T15:15:37Z-
dc.date.issued2010-
dc.identifier.citation|aEconomics: The Open-Access, Open-Assessment E-Journal|c1864-6042|v4|h2010-20|nKiel Institute for the World Economy (IfW)|lKiel|y2010|p1-20en
dc.identifier.pidoi:10.5018/economics-ejournal.ja.2010-20en
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
dc.language.isoengen
dc.publisher|aKiel Institute for the World Economy (IfW) |cKielen
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 marketsen
dc.subject.stwUnvollkommene Informationen
dc.subject.stwBubblesen
dc.subject.stwFinanzmarkten
dc.subject.stwMarkteffizienzen
dc.subject.stwInformationsverbreitungen
dc.subject.stwAgent-based Modelen
dc.subject.stwTheorieen
dc.titleInformation efficiency and financial stability-
dc.typeArticleen
dc.identifier.ppn631216685en
dc.rights.licensehttp://creativecommons.org/licenses/by-nc/2.0/de/deed.enen
dc.identifier.repecRePEc:zbw:ifweej:201020en
econstor.citation.journaltitleEconomics: The Open-Access, Open-Assessment E-Journalen
econstor.citation.issn1864-6042en
econstor.citation.volume4en
econstor.citation.issue2010-20en
econstor.citation.publisherKiel Institute for the World Economy (IfW)en
econstor.citation.publisherplaceKielen
econstor.citation.year2010en
econstor.citation.startpage1en
econstor.citation.endpage20en

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