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  • Plott, Wit & Yang (2003) conduct a betting market experiment and find: First, information was aggregated. This suggests that traders updated their private information based on observed market odds. Second, a model based only on the use of private information seems to fit their data best. The authors call this paradoxical. Because the original data are lost, we replicate their experiment. Our results suggest that the paradox seems due to aggregate rather than individual level data analysis. We analyze the individual level data and explain the paradoxical results reported in Plott et al. (2003).
  • Plott, Wit & Yang (2003) conduct a betting market experiment and find: First, information was aggregated. This suggests that traders updated their private information based on observed market odds. Second, a model based only on the use of private information seems to fit their data best. The authors call this paradoxical. Because the original data are lost, we replicate their experiment. Our results suggest that the paradox seems due to aggregate rather than individual level data analysis. We analyze the individual level data and explain the paradoxical results reported in Plott et al. (2003). (en)
Title
  • Understanding the Plott-Wit-Yang paradox
  • Understanding the Plott-Wit-Yang paradox (en)
skos:prefLabel
  • Understanding the Plott-Wit-Yang paradox
  • Understanding the Plott-Wit-Yang paradox (en)
skos:notation
  • RIV/67985998:_____/09:00334168!RIV10-MSM-67985998
http://linked.open...avai/riv/aktivita
http://linked.open...avai/riv/aktivity
  • P(LC542), Z(AV0Z70850503), Z(MSM0021620846)
http://linked.open...iv/cisloPeriodika
  • 397
http://linked.open...vai/riv/dodaniDat
http://linked.open...aciTvurceVysledku
http://linked.open.../riv/druhVysledku
http://linked.open...iv/duvernostUdaju
http://linked.open...titaPredkladatele
http://linked.open...dnocenehoVysledku
  • 347575
http://linked.open...ai/riv/idVysledku
  • RIV/67985998:_____/09:00334168
http://linked.open...riv/jazykVysledku
http://linked.open.../riv/klicovaSlova
  • experimental betting markets; private information; information aggregation (en)
http://linked.open.../riv/klicoveSlovo
http://linked.open...odStatuVydavatele
  • CZ - Česká republika
http://linked.open...ontrolniKodProRIV
  • [B6D876BBC863]
http://linked.open...i/riv/nazevZdroje
  • CERGE-EI Working Paper Series
http://linked.open...in/vavai/riv/obor
http://linked.open...ichTvurcuVysledku
http://linked.open...cetTvurcuVysledku
http://linked.open...vavai/riv/projekt
http://linked.open...UplatneniVysledku
http://linked.open...v/svazekPeriodika
  • -
http://linked.open...iv/tvurceVysledku
  • Ortmann, A.
  • Kálovcová, Katarína
http://linked.open...n/vavai/riv/zamer
issn
  • 1211-3298
number of pages
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