Dennis Dittrich, Boris Maciejovsky. Information Dissemination on Asset Markets with Endogenous and Exogenous Information: An Experimental Approach

Dennis Dittrich, Boris Maciejovsky. Information Dissemination on Asset Markets with Endogenous and Exogenous Information: An Experimental Approach


In this paper we study information revelation on asset markets with endogenous and exogenous information. Our results indicate that superior information can only be exploited in the beginning of trading. Information disseminates on the market and informational advantages are counter-balanced over time. This result holds true for both, exogenous and precise endogenous information. Vague endogenous information, however, has no impact on individual payo . Furthermore, we find that excessive trading decreases individual earnings.


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Keywords: Information Economy

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