A well functioning securities market relies on the availability of accurate information, a broad base of investors who can process this information, legal protection of these investors’ rights, and a liquid secondary market unencumbered by excessive transaction costs or constraints. When these conditions are satisfied, securities markets are likely to be broader and more efficient, with felicitous consequences for investment and resource allocation. This paper explores the effect of technological advances on these features of the market, emphasizing the incentives facing the producers of financial information.
This study examined the attribute agenda-setting function of the media, which refers to significant correspondence between prominent issue attributes ill the media and the agenda of attributes among audiences, All opinion survey oil a local issue and a content analysis of a local newspaper revealed that, by covering certain issue aspects more prominently, the media increase the salience of these aspects among audience members. We also found all important outcome of attribute agenda setting, attribute priming effects. Findings indicated that issue attributes salient in the media were functioning as significant dimensions of issue evaluation among audience members. This study concluded that the media, by emphasizing certain attributes of all issue, tell its "how to think about" this issue as well as "what to think about."
Early photometric data from the Sloan Digital Sky Survey (SDSS) containangular positions for 1.5 million galaxies. In companion papers, theangular correlation function w(θ) and two-dimensional powerspectrum Cl of these galaxies are presented. Here we invertLimber's equation to extract the three-dimensional power spectrum fromthe angular results. We accomplish this using an estimate of dn/dz, theredshift distribution of galaxies in four different magnitude slices inthe SDSS photometric catalog. The resulting three-dimensional powerspectrum estimates from w(θ) and Cl agree with eachother and with previous estimates over a range in wavenumbers0.03-1)<1. The galaxies in the faintestmagnitude bin (21*<22, which have median redshiftzm=0.43) are less clustered than the galaxies in thebrightest magnitude bin (18*<19 withzm=0.17), especially on scales where nonlinearities areimportant. The derived power spectrum agrees with that of Szalay et al.,who go directly from the raw data to a parametric estimate of the powerspectrum. The strongest constraints on the shape parameter Γ comefrom the faintest galaxies (in the magnitude bin21*<22), from which we infer
Many bidders in eBay employ bidding strategies that involve late bids, incremental bids, or both.
Based on field evidence, we discuss the manner in which late bids are caused both by sophisticated,
strategic reasoning, and by irrationality and inexperience, and how late bidding interacts with
incremental bidding. The relation between market design and artificial agent design is discussed.