报告题目：The role of externalities and information aggregation in market collapse
报 告 人：余梦瑶（产业组织与企业组织研究中心硕士研究生）
报告时间：2024年5月10日（周五）10:00-11:30
报告地点：问源阁419室
主办单位：产业组织与企业组织研究中心
【内容摘要】
We examine the role that belief, network externality, and information aggregation play in inefficient market collapses. After receiving consecutive negative shocks, some ex-ante identical Bayesian agents will be discouraged about the unknown state of the market they invest; therefore, they will stop investing. This decision will have two effects: first, it will cause agents to aggregate information through social/observational learning; second, it will decrease the network externality effect. We show that there might be an inefficient market collapse if the externality effect diminishes too much, and the cost of re-entry to the market is too high. We also analyze the effects of strategic delay and experimentation on the exit decision of the agents.
【文章信息】
Gunay,H. (2008) The role of externalities and information aggregation in market collapse . Economic Theory,35:367-379
【文章链接】
https://doi.org/10.1007/s00199-006-0158-7
