The poker face of Wall Street
了解 Aaron Brown 的《The poker face of Wall Street》（The poker face of Wall Street）：2007-02-22–2026-11-01 的 Hacker News 数据中有 7 次提及、5 位讨论者。阅读原文摘录、比较不同观点，将它加入你的书单。
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在 Hacker News 阅读原文… go long, there's a desire to buy in order to be "participating", and there's also the effect of the Winner's Curse. One interesting result I read about in Aaron Brown's The Poker Face of Wall Street involved a mock security that would mature either to $0 or $20, with a 50% chance of each. The participants would be given index cards; half of the cards had the security's correct value, and half were blank. The price would start around $10 (since those who have information don't want to show it by bidding $19/$1) but rapidly converge to the fair value. When the experiment was done with everyone receiving blank cards (but no one knowing that all cards were blank) trading would start, as usual, right around $10. In many cases, it would converge to $0 or $20 as the market "figured out" the fair value.
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