Larissa Katharina Senninger analyses the phenomenon of wisdom of the crowd in experimental capital markets. Aiming to find out which market mechanism is able to aggregate different information in a meaningful way, a continuous double auction and a call auction mechanism are tested. In line with expectations, markets with continuous double auction mechanism are better able to aggregate information and additionally take a shorter time. The author shows that receiving more information enables subjects to make better estimations, whereas more information improves the quality of estimations significantly only if it is a lot more information. Contents. Wisdom of the Crowd. Market Experiments. Information Aggregation. Experimental Capital Markets. Trading Mechanisms. Estimation of Asset Value. Call Auction Mechanism . Continuous Double Auction Mechanism Target groups. Students and lecturers in the field of economy and banking & finance. Practitioners in the banking & finance sector The authorLarissa Katharina Senninger holds a master's degree from the Leopold-Franzens-University in Innsbruck. She started her professional career in the risk controlling department of a German finance service in Munich and is currently responsible for interest rate risk and liquidity risk.

Autorentext
Larissa Katharina Senninger holds a master's degree from the Leopold-Franzens-University in Innsbruck. She started her professional career in the risk controlling department of a German finance service in Munich and is currently responsible for interest rate risk and liquidity risk.

Inhalt
Wisdom of the Crowd.- Market Experiments.- Information Aggregation.- Experimental Capital Markets.- Trading Mechanisms.- Estimation of Asset Value.- Call Auction Mechanism.- Continuous Double Auction Mechanism.