Format du dépôt |
Fichier |
Type de dépôt |
Article dans une revue |
Résumé |
en
In the standard beauty contest game of Morris and Shin (2002), agents have to choose actions in accordance with an expected fundamental value and with the conventional value expected to be set by the market. In doing so, agents respond to fundamental and coordination motives, respectively, the prevalence of either motive being set exogenously. Our contribution is to consider whether agents favor the fundamental or the coordination motive as the result of a strategic choice. First, we extend the generic beauty contest game by endogenizing the weight put on the coordination motive and show that the mere presence of public information theoretically leads agents to fully favor the coordination motive. The prevalence of the coordination motive over the fundamental one yields a disconnection of average actions from the fundamental. Second, we test this game through a laboratory experiment. Subjects tend to conform to theoretical predictions, except when private information is very precise in comparison to public information, qualifying the focal role of public information.
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Titre |
en
Public information and the concern for coordination
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Auteur(s)
|
Kene Boun My
1
, Camille Cornand
2
, Rodolphe dos Santos Ferreira
1, 3
1
BETA -
Bureau d'Économie Théorique et Appliquée
( 1001961 )
- Université de Lorraine, UFR Droit Sciences Economiques et Gestion, 13 place Carnot CO 70026, 54035 Nancy Cedex
Université de Strasbourg, Faculté des Sciences Economiques et de Gestion, 61 avenue de la Forêt Noire 67085 Strasbourg Cedex
- France
-
AgroParisTech ( 148117 )
;
-
Université de Strasbourg ( 199013 )
;
-
Université de Haute-Alsace (UHA) Mulhouse - Colmar ( 237692 )
;
-
Université de Lorraine ( 413289 )
;
-
Centre National de la Recherche Scientifique UMR7522 ( 441569 )
;
-
Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement UMR1443 ( 577435 )
2
GATE Lyon Saint-Étienne -
Groupe d'Analyse et de Théorie Economique Lyon - Saint-Etienne
( 1169842 )
- 93, chemin des Mouilles 69130 Écully 6, rue Basse des Rives 42023 Saint-Étienne cedex 02
- France
-
École normale supérieure de Lyon ( 6818 )
;
-
Université Lumière - Lyon 2 ( 33804 )
;
-
Université Jean Monnet - Saint-Étienne ( 300284 )
;
-
Centre National de la Recherche Scientifique UMR5824 ( 441569 )
3
Universidade Católica Portuguesa [Porto]
( 137921 )
- Rua Diogo de Botelho, 1327 | 4169-005 Porto
- Portugal
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Public visé |
Scientifique
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Numéro d'article |
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Langue du document |
Anglais
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Nom de la revue |
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Page/Identifiant |
41 p.
|
Vulgarisation |
Non
|
Comité de lecture |
Oui
|
Audience |
Internationale
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Date de publication |
2021
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Date de publication électronique |
2021-05-07
|
Volume |
93
|
Financement |
-
We are thankful to the ANR-DFG joint grant for financial support (ANR-12-FRAL-0013-01 StabEX). This research was performed within
the framework of the LABEX CORTEX (ANR-11-IDEX-007) operated by the French National Research Agency (ANR). We would like to thank Rabah Amir, Brice Corgnet, Claude d’Aspremont, Jonathan Goupille-Lebret, Nobuyuki Hanaki, Frank Heinemann, Hubert Kempf, Nicolas Lampach, Mathieu Lefebvre, Cheick M’baye and Phu Nguyen-Van for helpful comments. We also want to thank the participants to the workshop ”Coordination in Economics” organized on May 29th to June 3rd 2017 at the Fondation des Treilles, and the Foundation itself for the corresponding financial support.
-
We are thankful to the ANR-DFG joint grant for financial support (ANR-12-FRAL-0013-01 StabEX). This research was performed within
the framework of the LABEX CORTEX (ANR-11-IDEX-007) operated by the French National Research Agency (ANR). We would like to thank Rabah Amir, Brice Corgnet, Claude d’Aspremont, Jonathan Goupille-Lebret, Nobuyuki Hanaki, Frank Heinemann, Hubert Kempf, Nicolas Lampach, Mathieu Lefebvre, Cheick M’baye and Phu Nguyen-Van for helpful comments. We also want to thank the participants to the workshop ”Coordination in Economics” organized on May 29th to June 3rd 2017 at the Fondation des Treilles, and the Foundation itself for the corresponding financial support.
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Domaine(s) |
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Sciences de l'Homme et Société/Economies et finances
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Mots-clés (JEL) |
-
D - Microeconomics/D.D8 - Information, Knowledge, and Uncertainty/D.D8.D84 - Expectations • Speculations
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C - Mathematical and Quantitative Methods/C.C9 - Design of Experiments/C.C9.C92 - Laboratory, Group Behavior
-
E - Macroeconomics and Monetary Economics/E.E1 - General Aggregative Models/E.E1.E12 - Keynes • Keynesian • Post-Keynesian
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Projet(s) ANR |
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Mots-clés |
en
Dispersed information, Public information, Beauty contest, Coordination, Experiment
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DOI |
10.1016/j.socec.2021.101710 |
UT key WOS |
000668593800010 |