00-35 Information Aggregation with Costly Information and Random Ordering : Experimental Evidence

@inproceedings{Kraemer20000035IA,
  title={00-35 Information Aggregation with Costly Information and Random Ordering : Experimental Evidence},
  author={Carlo Kraemer and Markus N{\"o}th and Martin Weber},
  year={2000}
}
The cost of information is an often ignored factor in economic situations although the information acquisition behavior of the decision makers has a crucial influence on the outcome. In this experiment, we study an information aggregation process in which participants decide in a random sequence. Participants observe predecessors’ decisions and can acquire additional private information at a fixed price. We analyze participants’ information acquisition behavior and updating procedures. About… CONTINUE READING
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