At individual level, we adopted the well-known ultimatum game experiment with asymmetric information. By allowing individuals to view historical market information, we study how individuals utilize the market transaction information to help them make decisions under the asymmetric information condition. We testified the History-Consistent Rationality Model, and illustrated that the model is sufficient to yield accurate point predictions that are on average within 5% absolute deviation of the total pie size for every subject behavior in 20 rounds. / At market level, we studied how people evaluate the value of information, and what kind of information revelation mechanism would collectively maximize market efficiency. We examined the prevailing market mechanism and found that there are unavoidable deadweight losses, so we proposed a new model that could eliminate deadweight losses under many market conditions, and designed and conducted experiments to testify our claims. / In this dissertation, we relaxed the perfect information assumption in the marketplace, and studied the reality with asymmetric information from a market scope, and then drill down to decision making model at individual level. / Stiglitz (2009) reviewed the cause of the recent financial tsunami, and claimed that Adam Smith's invisible hand is invisible because it is not actually there: market equilibrium is not constrained Pareto efficient whenever there are information imperfection or asymmetric information, which is always the case in reality. People have conflicts of interests and incentives to provide distorted information, which could be difficult to verify by the other parties, so even if individuals are acting in a perfectly rational way, the outcome is not systemically rational. He concluded that "we need to do a better job of managing our economy, but this will require better research that is less framed by the flawed models of the past, less driven by simplistic ideas, and more attuned to the realities of today." / Lau, Ka William. / Adviser: Ching Chyi Lee. / Source: Dissertation Abstracts International, Volume: 72-04, Section: A, page: . / Thesis (Ph.D.)--Chinese University of Hong Kong, 2010. / Includes bibliographical references (leaves 122-127). / Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Electronic reproduction. Ann Arbor, MI : ProQuest dissertations and theses, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Electronic reproduction. Ann Arbor, MI : ProQuest Information and Learning Company, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Abstract also in Chinese.
| Identifer | oai:union.ndltd.org:cuhk.edu.hk/oai:cuhk-dr:cuhk_344511 |
| Date | January 2010 |
| Contributors | Lau, Ka William., Chinese University of Hong Kong Graduate School. Division of Business Administration. |
| Source Sets | The Chinese University of Hong Kong |
| Language | English, Chinese |
| Detected Language | English |
| Type | Text, theses |
| Format | electronic resource, microform, microfiche, 1 online resource (viii, 214 leaves : ill.) |
| Rights | Use of this resource is governed by the terms and conditions of the Creative Commons “Attribution-NonCommercial-NoDerivatives 4.0 International” License (http://creativecommons.org/licenses/by-nc-nd/4.0/) |
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