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Centralizing information improves market efficiency more than increasing information: Results from experimental asset markets

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Academic year: 2020

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Table 1: Treatments design and distribution of information ex ante and ex post  Note: Table 1, Panel A reports the number of signals distributed to basic-informed agents and  quasi-insiders in each treatment before the sharing stage takes place
Figure 1: Information sharing by basic-informed
Figure 5: RMSE Distribution, Uninformed Price Figure 6: RMSE Distribution, Bayes Price
Table 2 reports the percentages of each benchmark being selected as the one with the  lowest RMSE
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