jessicadaiyu 发表于 2014-11-18 08:45 
题名: Technological Revolutions and Stock Prices
作者/编者: Pástor, Llubos ; Veronesi, Pietro
主题: United States–Us ; Studies ; Equilibrium ; Stock Prices ; Economic Models ; Technological Change ; Uncertainty ; Experiment/Theoretical Treatment ; Economic Theory ; Investment Analysis & Personal Finance ; United States
标识符: ISSN: 00028282 ; DOI: 10.1257/aer.99.4.1451
丛书名/收录于: The American Economic Review, Sep 2009, Vol.99(4), pp.1451-1483
简介: We develop a general equilibrium model in which stock prices of innovative firms exhibit "bubbles" during technological revolutions. In the model, the average productivity of a new technology is uncertain and subject to learning. During technological revolutions, the nature of this uncertainty changes from idiosyncratic to systematic. The resulting bubbles in stock prices are observable ex post but unpredictable ex ante, and they are most pronounced for technologies characterized by high uncertainty and fast adoption. We find empirical support for the model's predictions in 1830-1861 and 1992-2005 when the railroad and Internet technologies spread in the United States.
题名: Internet peering.(prices and costs of the internet)(Interconnection and Access in Telecom and the Internet)(Papers and Proceedings of the One Hundred Thirteenth Annual Meeting)
作者/编者: Laffont, Jean - Jacques ; Marcus, Scott ; Rey, Patrick ; Tirole, Jean
主题: Econometrics -- Research ; Peer To Peer Networking -- Prices And Rates ; Backbone Networks -- Finance ; Internet -- Economic Aspects ; Internet Service Providers -- Finance ; Economics
标识符: ISSN: 0002-8282
丛书名/收录于: American Economic Review, May, 2001, Vol.91(2), p.287(5) 同行评审期刊
简介: The various pricing and cost structures of internet networks is examined. At the top level of the Internet are the backbone providers (IBPs) who price their services based on the cost of their peering connections with IBPs. Internet Service Providers (ISPs) buy connections from IBPs or other ISPs and sell to users.
题名: Herding and Contrarian Behavior in Financial Markets: An Internet Experiment
作者/编者: Drehmann, Mathias ; Oechssler, Jörg ; Roider, Andreas
主题: Studies ; Contrarian Investing ; Behavior ; Impact Analysis ; Investment Policy ; Theory ; Internet ; Statistical Analysis ; Experimental/Theoretical ; Investment Analysis & Personal Finance
标识符: ISSN: 00028282
丛书名/收录于: The American Economic Review, Dec 2005, Vol.95(5), pp.1403-1426
简介: We report results of an Internet experiment designed to test the theory of information cascades in financial markets (Christopher Avery and Peter Zemsky, 1998). More than 6,400 subjects, including a subsample of 267 consultants from an international consulting firm, participated in the experiment. We find that the presence of a flexible market price prevents herding. The presence of contrarian behavior distorts prices, however, and even after 20 decisions, convergence to the fundamental value is rare. We also report some interesting differences wit respect to subjects' fields of study. Reassuringly, the behavior of the consultants turns out to be no significantly different from that of the remaining subjects.