Costly Information Acquisition in Decentralized Markets: Experimental Evidence

The authors thank Darrel Duffie, Mark Desantis, Bruce Grundy, Ann Gillette (discussant), Michael Hertzel (discussant), Charles Holt, Matthew Jackson, Shimon Kogan (discussant), Sophie Moinas (discussant), and Gustavo Manso for useful discussions and participants of the Society of Experimental Economics (2016 North America), Financial Management Association 2017 Meeting, European Financial Association 2018 Annual Meeting, The China International Conference in Finance (2018), Western Financial Association 2019 Meeting, Experimental Economics Workshop organized by the Center for Growth and Opportunity at Utah State University and seminar participants at Brigham Young University, Hebrew University, Cheung Kong Graduate School of Business, Tsinghua University, and Chinese University of Hong Kong, Shenzhen.