LEADER 04206nam 2200625 a 450 001 9910785370603321 005 20200520144314.0 010 $a9786612458408 010 $a1-4008-2950-X 010 $a1-282-45840-X 024 7 $a10.1515/9781400829507 035 $a(CKB)2670000000057595 035 $a(EBL)475871 035 $a(OCoLC)609870208 035 $a(SSID)ssj0000420527 035 $a(PQKBManifestationID)11271106 035 $a(PQKBTitleCode)TC0000420527 035 $a(PQKBWorkID)10392990 035 $a(PQKB)10370678 035 $a(MdBmJHUP)muse36497 035 $a(DE-B1597)446720 035 $a(OCoLC)979779465 035 $a(DE-B1597)9781400829507 035 $a(Au-PeEL)EBL475871 035 $a(CaPaEBR)ebr10364723 035 $a(CaONFJC)MIL245840 035 $a(MiAaPQ)EBC475871 035 $a(EXLCZ)992670000000057595 100 $a20080122d2008 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aInformation and learning in markets$b[electronic resource] $ethe impact of market microstructure /$fXavier Vives 205 $aCourse Book 210 $aPrinceton $cPrinceton University Press$dc2008 215 $a1 online resource (421 p.) 300 $aDescription based upon print version of record. 311 $a0-691-12743-3 311 $a0-691-14596-2 320 $aIncludes bibliographical references and index. 327 $t Frontmatter -- $tContents -- $tPreface -- $tIntroduction and Lecture Guide -- $t1. Aggregation of Information in Simple Market Mechanisms: Large Markets -- $t2. Aggregation of Information in Simple Market Mechanisms: How Large Is Large? -- $t3. Rational Expectations and Supply Function Competition -- $t4. Rational Expectations and Market Microstructure in Financial Markets -- $t5. Strategic Traders in Financial Markets -- $t6. Learning from Others and Herding -- $t7. Dynamic Information Aggregation -- $t8. Dynamic Rational Expectations Models in Competitive Financial Markets -- $t9. Price and Information Dynamics in Financial Markets -- $t10. Technical Appendix -- $tIndex 330 $aThe 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 606 $aStock exchanges 615 0$aStock exchanges. 676 $a332.642 700 $aVives$b Xavier$0119638 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910785370603321 996 $aInformation and learning in markets$9716972 997 $aUNINA