(Bagnoli & McKee, 1991). This terminology is a little different from that used about information symmetry and asymmetry. Whereas information usually refers to particular characteristics about actors or their past behavior, common knowledge usually refers to understandings about how others process ...
He clearly pointed out the "asymmetry of information" and the fact that no market is perfect. legco.gov.hk 大家要知道,經濟學有一個“asymmetry of information”的理論, 這是諾貝爾經濟學得主Joseph STIGLITZ所說的,他清楚指出有一種 資訊不平等的情況,市場是沒有完美的。 legco.gov.hk This is part...
3.1 Asymmetry in IPV auction models In an IPV setting, asymmetry arises when the probability distribution of the value of the auctioned object differs among bidders. 3.1.1 Equilibrium bidding strategies in asymmetric IPV auction In the FPA environment, the existence of an equilibrium bidding strategy...
These findings suggest that these contract structures are an important channel through which privately held firms mitigate adverse selection that arises from information asymmetry.doi:10.1111/1475-679X.12335MARK JANSENDavid Eccles School of Business University of Utah...
Purpose – The purpose of this paper is to analyze empirically the fundamental role that information asymmetry plays in the functioning of an efficient capital market as mediator in the relation between corporate disclosures and cost of capital. Design/methodology/approach – By using a sample of 1...
Information asymmetry When people are fully ___ about the choices that they and other relate to economic actors face, we say they have complete ___. Informed, information The problem that arises when one person entrusts a task to another person is called a Principal-agent problem. The most...
which may be referred to as the extent of the information asymmetry, provides a strong motivation for the empirical determination of this impact. This paper strives to achieve such a determination in a frame- work that is robust to deviations from the assumptions of the formal models. In the...
3(c) is skewed as the pulse Yα is off-resonant; the influence of the corresponding detuning is the asymmetry observed around α = π/2. Moreover, the optimal measurement sensitivity verifies the quantum Cramér–Rao bound [Eq. (3)], as we finally demonstrated in Fig. 3(d). ...
Information asymmetry related to adverse selection arises whenever one party has superior information over its counterparty in the trading process. As a result, trading costs are likely to rise in the presence of information asymmetry. Admati and Pfleiderer (1988) show that liquidity traders and ...
In this paper, we study the information asymmetry between asset managers and investors in the socially responsible investment (SRI) market. This information asymmetry is related to the difficulty investors experience when they evaluate the financial and extra-financial performance of mutual funds. Further...