scholarly journals The wisdom of the crowd in dynamic economies

2020 ◽  
Vol 15 (4) ◽  
pp. 1627-1668
Author(s):  
Pietro Dindo ◽  
Filippo Massari
Keyword(s):  
Financial Markets ◽  
Market Participation ◽  
Market Selection ◽  
Equilibrium Prices ◽  
Dynamic Economies ◽  
Points Of View

The wisdom of the crowd applied to financial markets asserts that prices represent a consensus belief that is more accurate than individual beliefs. However, a market selection argument implies that prices eventually reflect only the beliefs of the most accurate agent. In this paper, we show how to reconcile these alternative points of view. In markets in which agents naively learn from equilibrium prices, a dynamic wisdom of the crowd holds. Market participation increases agents' accuracy, and equilibrium prices are more accurate than the most accurate agent.

Trust, financial literacy, and financial market participation

2021 ◽  
pp. 1-31
Author(s):  
Jill E. Fisch ◽  
Jason S. Seligman
Keyword(s):  
Financial Markets ◽  
Financial Market ◽  
Financial Literacy ◽  
Well Being ◽  
Retirement Savings ◽  
Willingness To Participate ◽  
Market Participation ◽  
Key Factors ◽  
Financial Market Participation ◽  
The Relationship

Abstract Willingness to participate in financial markets is important for financial well-being, including the accumulation of retirement savings through self-directed pension programs. We consider the roles of two key factors, trust and financial literacy in financial market participation. We find both are strongly related to participation. Although trust is more uniformly correlated with increases in financial market participation, the relationship between financial literacy and engagement is u-shaped, with increases in financial literacy first associated with reductions and subsequently with increases in the levels of participation. Our findings suggest trust and financial literacy play different roles and that each is related to investment behaviors in important ways.

scholarly journals Market Selection With Differential Financial Constraints

Econometrica ◽  
2019 ◽  
Vol 87 (5) ◽  
pp. 1693-1762 ◽  
Author(s):  
Ani Guerdjikova ◽  
John Quiggin
Keyword(s):  
Financial Markets ◽  
State Space ◽  
Financial Market ◽  
Financial Constraints ◽  
Heterogeneous Beliefs ◽  
Market Selection ◽  
Differential Constraints ◽  
Discount Factors ◽  
Starting Point ◽  
The Impact

We analyze financial markets in which agents face differential constraints on the set of assets in which they can trade. In particular, the assets available to each agent span a partition of the state space that can be strictly coarser than the partition spanned by the assets available in the market. We first show that the existence of differential constraints has an impact on prices and allocations as compared to a complete financial market with unconstrained agents. We consider the implications for survival, taking the work of Blume and Easley (2006) as a starting point. We show that whenever agents have identical correct beliefs and equal discount factors, and their partitions are nested, all agents survive. When agents have heterogeneous beliefs, differential constraints may allow agents with wrong beliefs to survive. Provided constraints are relevant (in a sense we define more precisely), the condition for an agent to survive is that his survival index is at least as large as that of the agents with finer partitions. We also study the impact of deregulation (an increase in the set of assets available to some agents). Unless the agent can adopt beliefs that are closer to the truth on the newly refined partition than those of less constrained agents, increasing his opportunities for trade might harm his chances for survival.

High Resolution Specimen Area Imaged Under Negligible Field Aberrations

1970 ◽  
Vol 28 ◽  
pp. 540-541 ◽  
Author(s):  
T. Yanaka ◽  
K. Shirota
Keyword(s):  
High Resolution ◽  
Field Distribution ◽  
Image Space ◽  
Beam Deflection ◽  
Objective Lens ◽  
Resolution Limit ◽  
Leakage Flux ◽  
Specimen Area ◽  
Points Of View ◽  
Aberration Theory

It is significant to note field aberrations (chromatic field aberration, coma, astigmatism and blurring due to curvature of field, defined by Glaser's aberration theory relative to the Blenden Freien System) of the objective lens in connection with the following three points of view; field aberrations increase as the resolution of the axial point improves by increasing the lens excitation (k2) and decreasing the half width value (d) of the axial lens field distribution; when one or all of the imaging lenses have axial imperfections such as beam deflection in image space by the asymmetrical magnetic leakage flux, the apparent axial point has field aberrations which prevent the theoretical resolution limit from being obtained.

Crystal structure images of large gold clusters and growing crystals by HRTEM

1984 ◽  
Vol 42 ◽  
pp. 428-429
Author(s):  
L.R. Wallenberg ◽  
J.-O. Bovin ◽  
G. Schmid
Keyword(s):  
Crystal Structure ◽  
Nucleation And Growth ◽  
Close Packing ◽  
Gold Clusters ◽  
Molecular Weight Determination ◽  
Growth Mechanisms ◽  
Starting Point ◽  
Different Types ◽  
Nucleation And Growth Mechanisms ◽  
Points Of View

Metallic clusters are interesting from various points of view, e.g. as a mean of spreading expensive catalysts on a support, or following heterogeneous and homogeneous catalytic events. It is also possible to study nucleation and growth mechanisms for crystals with the cluster as known starting point.Gold-clusters containing 55 atoms were manufactured by reducing (C6H5)3PAuCl with B2H6 in benzene. The chemical composition was found to be Au9.2[P(C6H5)3]2Cl. Molecular-weight determination by means of an ultracentrifuge gave the formula Au55[P(C6H5)3]Cl6 A model was proposed from Mössbauer spectra by Schmid et al. with cubic close-packing of the 55 gold atoms in a cubeoctahedron as shown in Fig 1. The cluster is almost completely isolated from the surroundings by the twelve triphenylphosphane groups situated in each corner, and the chlorine atoms on the centre of the 3x3 square surfaces. This gives four groups of gold atoms, depending on the different types of surrounding.

European Financial Markets and Institutions

2009 ◽  
Author(s):  
Jakob de Haan ◽  
Sander Oosterloo ◽  
Dirk Schoenmaker
Keyword(s):  
Financial Markets ◽  
Markets And Institutions
Sign in / Sign up

Export Citation Format

Share Document