The media has an incentive to publish sensational news. We study how this incentive affects the accuracy of media coverage in the context of merger rumors. Using a novel dataset, we find that accuracy is predicted by a journalist's experience, specialized education, and industry expertise. Conversely, less accurate stories use ambiguous language and feature well-known firms with broad readership appeal. Investors do not fully account for the predictive power of these characteristics, leading to an initial target price overreaction and a subsequent reversal, consistent with limited attention. Overall, we provide novel evidence on the determinants of media accuracy and its effect on asset prices.
{"title":"Rumor Has It: Sensationalism in Financial Media","authors":"K. Ahern, D. Sosyura","doi":"10.1093/RFS/HHV006","DOIUrl":"https://doi.org/10.1093/RFS/HHV006","url":null,"abstract":"The media has an incentive to publish sensational news. We study how this incentive affects the accuracy of media coverage in the context of merger rumors. Using a novel dataset, we find that accuracy is predicted by a journalist's experience, specialized education, and industry expertise. Conversely, less accurate stories use ambiguous language and feature well-known firms with broad readership appeal. Investors do not fully account for the predictive power of these characteristics, leading to an initial target price overreaction and a subsequent reversal, consistent with limited attention. Overall, we provide novel evidence on the determinants of media accuracy and its effect on asset prices.","PeriodicalId":369373,"journal":{"name":"Epistemology eJournal","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128871472","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2013-09-16DOI: 10.3138/9781442624986-010
J. Leclair
In this paper, the author shows how the epistemological lens through which one examines reality entails momentous normative consequences and that, quite often, these are not fully appreciated — or else they are wilfully ignored — by intellectuals interested in finding political and constitutional solutions to the aboriginal/non-aboriginal or Quebec/Canada conundrums. Some constitutionalists or political theorists, reflecting upon the place of Quebeckers or of aboriginal peoples within the Canadian State, oftentimes take for granted the ontological materiality of abstractions such as "nations", "peoples" and "cultural communities." These are implicitly conceptualized as endowed with a subjectivity of their own and their constituent members ideated as immersed in a sea of homogeneity and unanimity. Other authors, at the other end of the spectrum, conceptualize "individuals" as isolated monads capable of making significant choices in cultural vacuums, and impervious to any primordial attachments.
{"title":"Military Historiography, Warriors and Soldiers: The Normative Impact of Epistemological Choices","authors":"J. Leclair","doi":"10.3138/9781442624986-010","DOIUrl":"https://doi.org/10.3138/9781442624986-010","url":null,"abstract":"In this paper, the author shows how the epistemological lens through which one examines reality entails momentous normative consequences and that, quite often, these are not fully appreciated — or else they are wilfully ignored — by intellectuals interested in finding political and constitutional solutions to the aboriginal/non-aboriginal or Quebec/Canada conundrums. Some constitutionalists or political theorists, reflecting upon the place of Quebeckers or of aboriginal peoples within the Canadian State, oftentimes take for granted the ontological materiality of abstractions such as \"nations\", \"peoples\" and \"cultural communities.\" These are implicitly conceptualized as endowed with a subjectivity of their own and their constituent members ideated as immersed in a sea of homogeneity and unanimity. Other authors, at the other end of the spectrum, conceptualize \"individuals\" as isolated monads capable of making significant choices in cultural vacuums, and impervious to any primordial attachments.","PeriodicalId":369373,"journal":{"name":"Epistemology eJournal","volume":"525 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133285319","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Giada Di Stefano, Andrew A. King, Gianmario Verona
When will knowledge holders share their knowledge with peers? Several studies suggest that norms of knowledge disclosure encourage knowledge transfer. More recently, scholars have hypothesized that norms of knowledge use may indirectly promote it. In this article, we synthesize a theoretical framework of the effect of norms of knowledge use and test its predictions by means of a field experiment involving more than 500 Italian chefs. For the literature on knowledge transfer, we confirm the importance of norms, but we also show that they are not complete substitutes for other means of protecting private knowledge. For the literature on social norms, we provide evidence of how actors assess others’ propensity to conform and how this influences the intention to participate in the norm-regulated exchange.
{"title":"Kitchen Confidential? Norms for the Use of Transferred Knowledge in Gourmet Cuisine","authors":"Giada Di Stefano, Andrew A. King, Gianmario Verona","doi":"10.1002/SMJ.2179","DOIUrl":"https://doi.org/10.1002/SMJ.2179","url":null,"abstract":"When will knowledge holders share their knowledge with peers? Several studies suggest that norms of knowledge disclosure encourage knowledge transfer. More recently, scholars have hypothesized that norms of knowledge use may indirectly promote it. In this article, we synthesize a theoretical framework of the effect of norms of knowledge use and test its predictions by means of a field experiment involving more than 500 Italian chefs. For the literature on knowledge transfer, we confirm the importance of norms, but we also show that they are not complete substitutes for other means of protecting private knowledge. For the literature on social norms, we provide evidence of how actors assess others’ propensity to conform and how this influences the intention to participate in the norm-regulated exchange.","PeriodicalId":369373,"journal":{"name":"Epistemology eJournal","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123713146","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Social epistemology is a set of attempts to assign a philosophical meaning to sociological studies of cognitive processes within their social context. These attempts are being made through competition of philosophical interpretations. The choice of interpretation is governed by the desire to bring value orientations of science in line with the challenges from a changing cultural-historical environment. Robert Merton’s “normative ethos of scientists” is reviewed here as an illustration to this thesis
{"title":"The Choice of Interpretation as a Problem of Social Epistemology","authors":"V. Porus","doi":"10.2139/ssrn.2251111","DOIUrl":"https://doi.org/10.2139/ssrn.2251111","url":null,"abstract":"Social epistemology is a set of attempts to assign a philosophical meaning to sociological studies of cognitive processes within their social context. These attempts are being made through competition of philosophical interpretations. The choice of interpretation is governed by the desire to bring value orientations of science in line with the challenges from a changing cultural-historical environment. Robert Merton’s “normative ethos of scientists” is reviewed here as an illustration to this thesis","PeriodicalId":369373,"journal":{"name":"Epistemology eJournal","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-04-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134019765","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper analyzes the nexus between income comparisons and perceptions of unfair pay. We apply a large German household survey and conduct wage regressions to conclude whether individuals who perceive their wages as unfair earn significantly lower wages than fairly paid individuals with similar characteristics. We find that unfairly paid individuals earn significantly less than fairly paid counterparts. This suggests that unfairness perceptions with respect to wages are based on sound income comparisons with peers. We also contribute findings to the literature on reference points. When asked about a subjectively fair amount in Euros, unfairly paid individuals tend to claim much higher wages than fairly paid individuals with identical characteristics. Wage claims, thus, rest on additional factors.
{"title":"My Wage is Unfair! Just a Feeling or Comparison with Peers?","authors":"Stefan Schneck","doi":"10.2139/ssrn.2226258","DOIUrl":"https://doi.org/10.2139/ssrn.2226258","url":null,"abstract":"This paper analyzes the nexus between income comparisons and perceptions of unfair pay. We apply a large German household survey and conduct wage regressions to conclude whether individuals who perceive their wages as unfair earn significantly lower wages than fairly paid individuals with similar characteristics. We find that unfairly paid individuals earn significantly less than fairly paid counterparts. This suggests that unfairness perceptions with respect to wages are based on sound income comparisons with peers. We also contribute findings to the literature on reference points. When asked about a subjectively fair amount in Euros, unfairly paid individuals tend to claim much higher wages than fairly paid individuals with identical characteristics. Wage claims, thus, rest on additional factors.","PeriodicalId":369373,"journal":{"name":"Epistemology eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129084574","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2012-09-07DOI: 10.1108/13673271211262808
Nory B. Jones, J. Mahon
Purpose – This paper aims to clarify the relationship between explicit and tacit knowledge in specific organizational environments. It seeks to explore processes and strategies currently being deployed as best practices in the military to see what can be learnt from them and to improve the use of knowledge assets in large‐scale organizations in high‐velocity and/or turbulent environments.Design/methodology/approach – High velocity/turbulent environments are defined. The paper uses examples from the public sector and the private sector and provides a model for knowledge management in high velocity/turbulent environments (HVTE) and offers several propositions for further exploration.Findings – The paper provides insights into how and why tacit knowledge is more important to decision making and strategic positioning in high velocity/turbulent environments. The complexity of knowledge management is enormous.Practical implications – What the authors learned from the military can serve as lessons for businesses...
{"title":"Nimble Knowledge Transfer in High Velocity/Turbulent Environments","authors":"Nory B. Jones, J. Mahon","doi":"10.1108/13673271211262808","DOIUrl":"https://doi.org/10.1108/13673271211262808","url":null,"abstract":"Purpose – This paper aims to clarify the relationship between explicit and tacit knowledge in specific organizational environments. It seeks to explore processes and strategies currently being deployed as best practices in the military to see what can be learnt from them and to improve the use of knowledge assets in large‐scale organizations in high‐velocity and/or turbulent environments.Design/methodology/approach – High velocity/turbulent environments are defined. The paper uses examples from the public sector and the private sector and provides a model for knowledge management in high velocity/turbulent environments (HVTE) and offers several propositions for further exploration.Findings – The paper provides insights into how and why tacit knowledge is more important to decision making and strategic positioning in high velocity/turbulent environments. The complexity of knowledge management is enormous.Practical implications – What the authors learned from the military can serve as lessons for businesses...","PeriodicalId":369373,"journal":{"name":"Epistemology eJournal","volume":"54 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122278738","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Yi-Chun Chen, A. Di Tillio, E. Faingold, Siyang Xiong
Previous research has established that the predictions made by game theory about strategic behavior in incomplete information games are quite sensitive to the assumptions made about the players' infinite hierarchies of beliefs. We evaluate the severity of this robustness problem by characterizing conditions on the primitives of the model -- the players’ hierarchies of beliefs -- for the strategic behavior of a given Harsanyi type to be approximated by the strategic behavior of (a sequence of) perturbed types. This amounts to providing characterizations of the strategic topologies of Dekel, Fudenberg, and Morris (2006) in terms of beliefs. We apply our characterizations to a variety of questions concerning robustness to perturbations of higher-order beliefs, including genericity of common priors, and the connections between robustness of strategic behavior and the notion of common p-belief of Monderer and Samet (1989).
{"title":"The Strategic Impact of Higher-Order Beliefs","authors":"Yi-Chun Chen, A. Di Tillio, E. Faingold, Siyang Xiong","doi":"10.2139/ssrn.2142497","DOIUrl":"https://doi.org/10.2139/ssrn.2142497","url":null,"abstract":"Previous research has established that the predictions made by game theory about strategic behavior in incomplete information games are quite sensitive to the assumptions made about the players' infinite hierarchies of beliefs. We evaluate the severity of this robustness problem by characterizing conditions on the primitives of the model -- the players’ hierarchies of beliefs -- for the strategic behavior of a given Harsanyi type to be approximated by the strategic behavior of (a sequence of) perturbed types. This amounts to providing characterizations of the strategic topologies of Dekel, Fudenberg, and Morris (2006) in terms of beliefs. We apply our characterizations to a variety of questions concerning robustness to perturbations of higher-order beliefs, including genericity of common priors, and the connections between robustness of strategic behavior and the notion of common p-belief of Monderer and Samet (1989).","PeriodicalId":369373,"journal":{"name":"Epistemology eJournal","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127865913","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2012-02-08DOI: 10.1093/OXFORDHB/9780199811762.013.3
L. Kiesling
Hayek's (1945) elaboration of the difficulty of aggregating diffuse private knowledge is the best-known articulation of the knowledge problem, and is an example of the difficulty of coordinating individual plans and choices in the ubiquitous and unavoidable presence of dispersed, private, subjective knowledge; prices communicate some of this private knowledge and thus serve as knowledge surrogates. The knowledge problem has a deep provenance in economics and epistemology. Subsequent scholars have also developed the knowledge problem in various directions, and have applied it to areas such as robust political economy. In fact, the knowledge problem is a deep epistemological challenge, one with which several scholars in the Austrian tradition have grappled. This essay analyzes the development of the knowledge problem in its two main categories: the complexity knowledge problem (coordination in the face of diffuse private knowledge) and the contextual knowledge problem (some knowledge relevant to such coordination does not exist outside of the market context). It also provides an overview of the development of the knowledge problem as a concept that has both complexity and epistemic dimensions, the knowledge problemʼs relation to and differences from modern game theory and mechanism design, and its implications for institutional design and robust political economy.
{"title":"Knowledge Problem","authors":"L. Kiesling","doi":"10.1093/OXFORDHB/9780199811762.013.3","DOIUrl":"https://doi.org/10.1093/OXFORDHB/9780199811762.013.3","url":null,"abstract":"Hayek's (1945) elaboration of the difficulty of aggregating diffuse private knowledge is the best-known articulation of the knowledge problem, and is an example of the difficulty of coordinating individual plans and choices in the ubiquitous and unavoidable presence of dispersed, private, subjective knowledge; prices communicate some of this private knowledge and thus serve as knowledge surrogates. The knowledge problem has a deep provenance in economics and epistemology. Subsequent scholars have also developed the knowledge problem in various directions, and have applied it to areas such as robust political economy. In fact, the knowledge problem is a deep epistemological challenge, one with which several scholars in the Austrian tradition have grappled. This essay analyzes the development of the knowledge problem in its two main categories: the complexity knowledge problem (coordination in the face of diffuse private knowledge) and the contextual knowledge problem (some knowledge relevant to such coordination does not exist outside of the market context). It also provides an overview of the development of the knowledge problem as a concept that has both complexity and epistemic dimensions, the knowledge problemʼs relation to and differences from modern game theory and mechanism design, and its implications for institutional design and robust political economy.","PeriodicalId":369373,"journal":{"name":"Epistemology eJournal","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-02-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126446619","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2011-12-06DOI: 10.1108/S1529-2134(2011)0000015012
J. Lindemans
Purpose – To answer the following questions: Is all knowledge based on “experience” in Hayek's view? Was he an “empiricist” or a “Kantian”? In what sense? Methodology/approach – Starting from a thorough analysis of Hayek's explicit ideas about empiricism and experience in The Sensory Order and some related writings, I reconstruct his epistemology but also try to improve on it with the help of some other philosophers. Findings – Empiricism has many meanings depending on how you define “experience.” Hayek is not a “sensationalist empiricist” because he does not believe that all knowledge is based on “sense experience.” However, given his ideas of “pre-sensory experience” and “experience of the race,” Hayek is a “post-positivist empiricist.” His empiricism can be improved upon by privileging what I call “selective experience.” Research implications – The next step is to analyze Hayek's market economics and philosophy of science to see which kind of experience guides Hayekian entrepreneurs and scientists. If this line of research is continued, practical and social implications might follow. Originality/value of the chapter – The question whether Hayek was an “empiricist” or a “Kantian” is an old question. However, this chapter is the first systematic analysis of his “empiricist” epistemology and his concept of “experience.” Moreover, it has value beyond Hayek scholarship since, in the general empiricism debate, epistemologists have almost ubiquitously assumed that “experience” means “sense experience.”
{"title":"Hayek’s Post-Positivist Empiricism: Experience Beyond Sensation","authors":"J. Lindemans","doi":"10.1108/S1529-2134(2011)0000015012","DOIUrl":"https://doi.org/10.1108/S1529-2134(2011)0000015012","url":null,"abstract":"Purpose – To answer the following questions: Is all knowledge based on “experience” in Hayek's view? Was he an “empiricist” or a “Kantian”? In what sense? \u0000 \u0000Methodology/approach – Starting from a thorough analysis of Hayek's explicit ideas about empiricism and experience in The Sensory Order and some related writings, I reconstruct his epistemology but also try to improve on it with the help of some other philosophers. \u0000 \u0000Findings – Empiricism has many meanings depending on how you define “experience.” Hayek is not a “sensationalist empiricist” because he does not believe that all knowledge is based on “sense experience.” However, given his ideas of “pre-sensory experience” and “experience of the race,” Hayek is a “post-positivist empiricist.” His empiricism can be improved upon by privileging what I call “selective experience.” \u0000 \u0000Research implications – The next step is to analyze Hayek's market economics and philosophy of science to see which kind of experience guides Hayekian entrepreneurs and scientists. If this line of research is continued, practical and social implications might follow. \u0000 \u0000Originality/value of the chapter – The question whether Hayek was an “empiricist” or a “Kantian” is an old question. However, this chapter is the first systematic analysis of his “empiricist” epistemology and his concept of “experience.” Moreover, it has value beyond Hayek scholarship since, in the general empiricism debate, epistemologists have almost ubiquitously assumed that “experience” means “sense experience.”","PeriodicalId":369373,"journal":{"name":"Epistemology eJournal","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115119711","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Prisoner’s Dilemma provides a formal representation of a ubiquitous type of situations that arises when individual interests undermine the collective welfare of the group. Essentially, the pessimistic result of this game is due to the fact that defecting is the dominating strategy for every player, and the “cooperative” strategy profile (R,R) for the one-shot game Pareto-dominates the “no-cooperative” strategy equilibrium (P,P), where the payoffs obey T>R>P>S. This paper suggests and formalizes a theoretical alternative to escape from the Prisoner Dilemma’s non-cooperation trap. Specifically, it argues that if a critical mass of highly interested individuals with heterogeneous and interdependent preferences for a given public good and certain level of geographical, and social proximity among them are reached, full cooperation is achieved and collective action takes place which in turns leads to the acquisition of a specific public good.
{"title":"The Evolution of Cooperation in One-Shot Prisoner’s Dilemma Game","authors":"F. Buendía","doi":"10.2139/ssrn.1599889","DOIUrl":"https://doi.org/10.2139/ssrn.1599889","url":null,"abstract":"Prisoner’s Dilemma provides a formal representation of a ubiquitous type of situations that arises when individual interests undermine the collective welfare of the group. Essentially, the pessimistic result of this game is due to the fact that defecting is the dominating strategy for every player, and the “cooperative” strategy profile (R,R) for the one-shot game Pareto-dominates the “no-cooperative” strategy equilibrium (P,P), where the payoffs obey T>R>P>S. This paper suggests and formalizes a theoretical alternative to escape from the Prisoner Dilemma’s non-cooperation trap. Specifically, it argues that if a critical mass of highly interested individuals with heterogeneous and interdependent preferences for a given public good and certain level of geographical, and social proximity among them are reached, full cooperation is achieved and collective action takes place which in turns leads to the acquisition of a specific public good.","PeriodicalId":369373,"journal":{"name":"Epistemology eJournal","volume":"97 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133664548","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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