题目：Market Talk

报告人：章晶晶   Senior Lecturer   University of Technology Sydney

主持人：朱希伟  教授   浙江大学经济学院

时间：2017年6月12日（周一）   15:30-17:00

地点：浙江大学玉泉校区经济学院418室

摘要：We study price formation in laboratory continuous double auction markets with private and common values. Rational expectations, which form the basis for the efficient market hypothesis, predict that the introduction of common values does not affect allocative and informational efficiency. In contrast, a “private” expectations model in which traders' optimal behavior depends on both their private and common-value information predicts that neither allocative nor informational efficiency is possible. We test these competing hypotheses and find that the introduction of common values lowers allocative efficiency by 28%, as predicted by the private expectations model, and that market prices differ substantially from rational expectation levels.

We also investigate whether free-form communication enhances the performance of the market. We find that cheap-talk communication has a positive effect in bilateral settings with both private and common-values, but it has no effect or even a negative effect in larger, more competitive markets. The chat data can be classified according to a small number of communication protocols, which either reflect endogenously emerging institutions (negotiations, auctions, or posted prices), disclosure of private information, or inconsequential messages unrelated to trading (babbling). Truthful disclosure is stable in bilateral settings but breaks down in large groups with adverse effects for efficiency.

个人介绍：

Dr. Jingjing Zhang is a Senior Lecturer in the Economics Discipline Group at the University of Technology Sydney. The unifying theme of my research is to apply experimental methods to design better institutions for auctions, markets, voting and committee decisions, rent-seeking contests, resource allocations and collective decision-making. She has published in top journals including The Economic Journal, Games and Economic Behavior, Experimental Economics, etc.. She was awarded grants from the U.S. National Science Foundation, Swiss National Science Foundation, UTS Business research grant, etc. She is the Director of the UTS Behavioral Lab.