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Ciclo seminarios CEA – MIPP / Caio Machado (PUC)

12:30 horas, Beauchef 851, piso 4 (Sala Consejo).

Invitado: Caio Machado, profesor del Instituto de Economía UC.

Tema: “Managing Overreaction During o Run“.

Ciclo de seminarios que reúne a destacados académicos que introducen a la audiencia a investigaciones relevantes en el área de economía cubriendo una amplia variedad de temas.

Organizan: Centro de Economía Aplicada (CEA) e Instituto Milenio para el Estudio de Imperfecciones de Mercado y Políticas Públicas (MIPP)

Abstract

This paper studies whether suspensions intended to provide a time-out for agents to digest incoming information attenuate runs, under the assumption that agents overreact to news and need time to properly process it. To do so, it embeds diagnostic expectations into a standard global game model of runs. Contrary to common wisdom, I show that during bad times, when bad public news arrives and/or investment returns are low, such policy actually amplifies runs, even in cases where almost all investors are receiving negative news and overreacting to it. During good times, the opposite result arises.

Se solicita confirmar asistencia para coordinar la solicitud de almuerzos.

Más información aquí

Contacto: Olga Barrera / obarrera@dii.uchile.cl