演讲题目：

Heterogeneous Beliefs and Prediction Market Accuracy

摘要：

We consider a prediction market in which traders have heterogeneous prior beliefs in probabilities. In the two-state case, we derive necessary and sufficient conditions so that the prediction market is accurate in the sense that the equilibrium state price equals the mean probabilities of traders' beliefs. We also provide a necessary and sufficient condition for the well documented favorite-longshot bias. In an extension to many states, we revisit the results of Varian (1985) on the relationship between equilibrium state price and belief heterogeneity.

演讲人：

Xue-zhong He

Resume: Professor of Finance, Deputy Head of Finance Discipline Group at UTS Business School, University of Technology, Sydney (UTS).

报告时间：

2012年9月26日15:30

报告地点：

中央财经大学中国精算研究院会议室

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