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Investor Sentiments

Author(s)
Izmalkov, Sergei; Yildiz, Muhamet
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Article is made available in accordance with the publisher's policy and may be subject to US copyright law. Please refer to the publisher's site for terms of use.
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Abstract
We consider a general class of games that have been used to model many economic problems where players' sentiments are believed to play an important role. Dropping the common prior assumption, we identify the relevant notion of sentiments for strategic behavior in these games. This notion is tied to how likely a player thinks that some other player has a more optimistic outlook than himself when they obtain their private information. Under this notion, we show that sentiments have a profound effect on strategic outcomes -- even with vanishing uncertainty.
Date issued
2010-02
URI
http://hdl.handle.net/1721.1/51888
Department
Massachusetts Institute of Technology. Department of Economics
Journal
American Economic Journal: Microeconomics
Publisher
American Economic Association
Citation
Izmalkov, Sergei, and Muhamet Yildiz. 2010. "Investor Sentiments." American Economic Journal: Microeconomics, 2(1): 21–38. DOI:10.1257/mic.2.1.21
Version: Author's final manuscript
ISSN
1945-7707

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