The psychology literature documents that individuals derive current utility from their beliefs about future events. We show that, as a result, investors in financial markets choose to disagree about both private information and price information. When objective price informativeness is low, each investor dismisses the private signals of others and ignores price information. In contrast, when pr…
Price transparency initiatives are typically undertaken by third parties to ensure that consumers can compare the prices of competing offers in markets in which obtaining such information is costly. Such practices have recently become widespread, yet it is unclear whether the increased price competition due to lower search costs overcomes the potential for collusion between competitors due to l…
Price formation provides critical insights into the attributes of fledgling property markets in developing countries. This article investigates asking-price formation across the Indonesian archipelago, including previously unstudied regional property markets. We compile a rich micro dataset of asking prices for residential, commercial, and undeveloped land from a nationwide classifieds database…