We study agents' information acquisition decisions in a beauty contest game when they can access multiple information sources with different content and clarity. Each information source sends a signal with a common noise, and each agent observes this signal with an additional idiosyncratic...

This paper examines the ex ante effects of public information quality on market prices and how such effects vary with information asymmetry among traders in a two-period experimental market. We vary public information quality by changing its precision and information asymmetry among traders by...

In this study, we study information processing by financial professionals benchmarked with non-professionals and how correlation among individual forecasts explains the group level forecast performance. In an experiment in which participants make price forecasts based on common financial...

We provide experimental evidence that under strong beauty contest incentives, players ignore signals from an information source with high content if the source has low clarity. Instead, they acquire equally costly signals from a source with higher clarity despite its lower content. Content...

In this study, we study information processing by financial professionals benchmarked with non-professionals and how correlation among individual forecasts explains the group level forecast performance. In an experiment in which participants make price forecasts based on common financial...

We study how uniformed traders (defined as strategic traders not endowed with private information) use public disclosure and prices to form beliefs and trade. We manipulate the availability of public forecasts (e.g. earnings forecasts) of forthcoming public signals (e.g., earnings...

This paper studies the role of public information in multiple-agent coordination problems underlying a variety of economic scenarios such as banking and debt crises. The impact of information on coordination in such settings rests on the interplay between two types of uncertainty that agents...

We propose that idiosyncratic benefits from adhering to social norms explain the heterogeneity in honesty documented in many situations where misrepresentation yields a financial benefit. Further, information about the honesty of one's peers modifies the descriptive norm and hence, one's own...

A large literature in finance indicates that real people are not fully rational decision makers who optimize using all available information, as is often assumed in traditional models. A variety of empirical approaches have been adopted to examine financial decision making, including...

Light-weight and low-cost electromagnetic (EM) wave absorption materials are in urgent need, as EM and radiation interference pollution is increasingly serious. Carbon materials as EM absorbers have attracted ever increasing attention, because of their high electrical conductivity, large...