Information Aggregation with Random Ordering
Cascades and Overconfidence
Bibliographic Data
| ID | 9707734 |
|---|---|
| Authors | Markus Nöth (0000-0001-7942-5148, University of Mannheim), Martin Weber (0000-0002-3533-5850, University of Mannheim) |
| Year | 2003 |
| Volume | 113 |
| Issue | 484 |
| Pages | 166-189 |
| Publication date | 2003-01-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Economic Journal (JOURNAL) |
| Journal identifiers | ISSN: 0013-0133 • E-ISSN: 1468-0297 |
| Publisher | Oxford University Press (OUP) (PUBLISHER) |
| DOI | 10.1111/1468-0297.00091 |
| OpenAlex | W3020998977 |
| Language | EN |
| Citations received | 7 |
| References cited | 22 |
In economic models, it is usually assumed that agents aggregate their private information with all available public information correctly and completely. In this experiment, we identify subjects’ updating procedures and analyse the consequences for the aggregation process. Decisions can be based on private information with known quality and on the observed decisions of other participants. In this setting with random ordering, information cascades are observable and agents’ overconfidence has a positive effect on avoiding a non‐revealing aggregation process. However, overconfidence reduces welfare in general
Aggregate (composite · Computer security · Data mining · Econometrics · Economics · Information aggregation · Information cascade · Microeconomics · Observable · Overconfidence effect · Private information retrieval · Process (computing · Quality (philosophy · Auction Theory and Applications · Computer Science · Economic Policies and Impacts · Experimental Behavioral Economics Studies · Psychology · Social Psychology
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| Unique citing works | 7 |
|---|---|
| Citations per year | 0,26 |
| Citation span | 1999 - 2024 (26) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 6 |