Information and Learning in Markets : : The Impact of Market Microstructure / / Xavier Vives.
The ways financial analysts, traders, and other specialists use information and learn from each other are of fundamental importance to understanding how markets work and prices are set. This graduate-level textbook analyzes how markets aggregate information and examines the impacts of specific marke...
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Place / Publishing House: | Princeton, NJ : : Princeton University Press, , [2010] ©2008 |
Year of Publication: | 2010 |
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Vives, Xavier, author. aut http://id.loc.gov/vocabulary/relators/aut Information and Learning in Markets : The Impact of Market Microstructure / Xavier Vives. Course Book Princeton, NJ : Princeton University Press, [2010] ©2008 1 online resource (424 p.) : 25 line illus. text txt rdacontent computer c rdamedia online resource cr rdacarrier text file PDF rda Frontmatter -- Contents -- Preface -- Introduction and Lecture Guide -- 1. Aggregation of Information in Simple Market Mechanisms: Large Markets -- 2. Aggregation of Information in Simple Market Mechanisms: How Large Is Large? -- 3. Rational Expectations and Supply Function Competition -- 4. Rational Expectations and Market Microstructure in Financial Markets -- 5. Strategic Traders in Financial Markets -- 6. Learning from Others and Herding -- 7. Dynamic Information Aggregation -- 8. Dynamic Rational Expectations Models in Competitive Financial Markets -- 9. Price and Information Dynamics in Financial Markets -- 10. Technical Appendix -- Index restricted access http://purl.org/coar/access_right/c_16ec online access with authorization star The ways financial analysts, traders, and other specialists use information and learn from each other are of fundamental importance to understanding how markets work and prices are set. This graduate-level textbook analyzes how markets aggregate information and examines the impacts of specific market arrangements--or microstructure--on the aggregation process and overall performance of financial markets. Xavier Vives bridges the gap between the two primary views of markets--informational efficiency and herding--and uses a coherent game-theoretic framework to bring together the latest results from the rational expectations and herding literatures. Vives emphasizes the consequences of market interaction and social learning for informational and economic efficiency. He looks closely at information aggregation mechanisms, progressing from simple to complex environments: from static to dynamic models; from competitive to strategic agents; and from simple market strategies such as noncontingent orders or quantities to complex ones like price contingent orders or demand schedules. Vives finds that contending theories like informational efficiency and herding build on the same principles of Bayesian decision making and that "irrational" agents are not needed to explain herding behavior, booms, and crashes. As this book shows, the microstructure of a market is the crucial factor in the informational efficiency of prices. Provides the most complete analysis of the ways markets aggregate information Bridges the gap between the rational expectations and herding literatures Includes exercises with solutions Serves both as a graduate textbook and a resource for researchers, including financial analysts Issued also in print. Mode of access: Internet via World Wide Web. In English. Description based on online resource; title from PDF title page (publisher's Web site, viewed 30. Aug 2021) BUSINESS & ECONOMICS / Economics / Microeconomics. bisacsh Title is part of eBook package: De Gruyter Princeton University Press eBook-Package Backlist 2000-2013 9783110442502 print 9780691145969 https://doi.org/10.1515/9781400829507?locatt=mode:legacy https://www.degruyter.com/isbn/9781400829507 Cover https://www.degruyter.com/cover/covers/9781400829507.jpg |
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English |
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Vives, Xavier, Vives, Xavier, |
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Vives, Xavier, Vives, Xavier, Information and Learning in Markets : The Impact of Market Microstructure / Frontmatter -- Contents -- Preface -- Introduction and Lecture Guide -- 1. Aggregation of Information in Simple Market Mechanisms: Large Markets -- 2. Aggregation of Information in Simple Market Mechanisms: How Large Is Large? -- 3. Rational Expectations and Supply Function Competition -- 4. Rational Expectations and Market Microstructure in Financial Markets -- 5. Strategic Traders in Financial Markets -- 6. Learning from Others and Herding -- 7. Dynamic Information Aggregation -- 8. Dynamic Rational Expectations Models in Competitive Financial Markets -- 9. Price and Information Dynamics in Financial Markets -- 10. Technical Appendix -- Index |
author_facet |
Vives, Xavier, Vives, Xavier, |
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x v xv x v xv |
author_role |
VerfasserIn VerfasserIn |
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Vives, Xavier, |
title |
Information and Learning in Markets : The Impact of Market Microstructure / |
title_sub |
The Impact of Market Microstructure / |
title_full |
Information and Learning in Markets : The Impact of Market Microstructure / Xavier Vives. |
title_fullStr |
Information and Learning in Markets : The Impact of Market Microstructure / Xavier Vives. |
title_full_unstemmed |
Information and Learning in Markets : The Impact of Market Microstructure / Xavier Vives. |
title_auth |
Information and Learning in Markets : The Impact of Market Microstructure / |
title_alt |
Frontmatter -- Contents -- Preface -- Introduction and Lecture Guide -- 1. Aggregation of Information in Simple Market Mechanisms: Large Markets -- 2. Aggregation of Information in Simple Market Mechanisms: How Large Is Large? -- 3. Rational Expectations and Supply Function Competition -- 4. Rational Expectations and Market Microstructure in Financial Markets -- 5. Strategic Traders in Financial Markets -- 6. Learning from Others and Herding -- 7. Dynamic Information Aggregation -- 8. Dynamic Rational Expectations Models in Competitive Financial Markets -- 9. Price and Information Dynamics in Financial Markets -- 10. Technical Appendix -- Index |
title_new |
Information and Learning in Markets : |
title_sort |
information and learning in markets : the impact of market microstructure / |
publisher |
Princeton University Press, |
publishDate |
2010 |
physical |
1 online resource (424 p.) : 25 line illus. Issued also in print. |
edition |
Course Book |
contents |
Frontmatter -- Contents -- Preface -- Introduction and Lecture Guide -- 1. Aggregation of Information in Simple Market Mechanisms: Large Markets -- 2. Aggregation of Information in Simple Market Mechanisms: How Large Is Large? -- 3. Rational Expectations and Supply Function Competition -- 4. Rational Expectations and Market Microstructure in Financial Markets -- 5. Strategic Traders in Financial Markets -- 6. Learning from Others and Herding -- 7. Dynamic Information Aggregation -- 8. Dynamic Rational Expectations Models in Competitive Financial Markets -- 9. Price and Information Dynamics in Financial Markets -- 10. Technical Appendix -- Index |
isbn |
9781400829507 9783110442502 9780691145969 |
url |
https://doi.org/10.1515/9781400829507?locatt=mode:legacy https://www.degruyter.com/isbn/9781400829507 https://www.degruyter.com/cover/covers/9781400829507.jpg |
illustrated |
Illustrated |
doi_str_mv |
10.1515/9781400829507?locatt=mode:legacy |
oclc_num |
979779465 |
work_keys_str_mv |
AT vivesxavier informationandlearninginmarketstheimpactofmarketmicrostructure |
status_str |
n |
ids_txt_mv |
(DE-B1597)446720 (OCoLC)979779465 |
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cr |
hierarchy_parent_title |
Title is part of eBook package: De Gruyter Princeton University Press eBook-Package Backlist 2000-2013 |
is_hierarchy_title |
Information and Learning in Markets : The Impact of Market Microstructure / |
container_title |
Title is part of eBook package: De Gruyter Princeton University Press eBook-Package Backlist 2000-2013 |
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