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Double overreaction in beauty contests with information acquisition: Theory and experiment
Journal of Monetary Economics ( IF 4.630 ) Pub Date : 2020-12-27 , DOI: 10.1016/j.jmoneco.2020.12.004
Romain Baeriswyl , Kene Boun My , Camille Cornand

Central banks’ disclosures, such as forward guidance, have a weaker effect on the economy in reality than that predicted in theoretical models. In a beauty contest with information acquisition, we show that strategic complementarities give rise to a double overreaction to public disclosures by increasing agents' equilibrium level of attention, which, in turn, increases the weight assigned to the disclosures in agents’ equilibrium action. A laboratory experiment provides evidence that the effect of strategic complementarities on participants’ realised level of attention and realised action is qualitatively consistent with the theoretical predictions.



中文翻译:

具有信息获取功能的选美比赛中的双重过度反应:理论与实验

中央银行的信息披露(例如前瞻性指导)对现实经济的影响要比理论模型中预测的要弱。在通过信息获取进行的选美大赛中,我们表明,战略互补会通过增加代理人的均衡注意水平而对公共披露产生双重过度反应,从而反过来增加分配给代理人均衡行动中披露的权重。一项实验室实验提供了证据,表明战略互补对参与者的已实现注意力水平和已采取行动的影响在质量上与理论预测相符。

更新日期:2020-12-27
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