Revisiting Information Aggregation in Networked Markets

Last registered on January 22, 2026
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Pre-Trial

Trial Information

General Information

Title
Revisiting Information Aggregation in Networked Markets
RCT ID
AEARCTR-0017639
Initial registration date
January 12, 2026

Initial registration date is when the trial was registered.

It corresponds to when the registration was submitted to the Registry to be reviewed for publication.

First published
January 22, 2026, 6:11 AM EST

First published corresponds to when the trial was first made public on the Registry after being reviewed.

Locations

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Primary Investigator

Name
Cary Deck
Affiliation
The University of Alabama
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Other Primary Investigator(s)

PI Name
Tae In Jun
PI Affiliation
Grand Valley State University
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Additional Trial Information

Status
In development
Start date
2026-01-15
End date
2026-06-01
Keywords
Behavior, Finance & Microfinance
Additional Keywords
Information Aggregation
JEL code(s)
C9, D8, G1, G4
Secondary IDs
Prior work
This trial does not extend or rely on any prior RCTs.
Abstract
This study involves a laboratory experiment examining the ability of markets to aggregate information. Prior to trading, traders share information based on a network structure, which is exogenously imposed by the researchers. This project closely follows Halim, Riyanto, and Roy (2019, JoF) - hereafter HRR - who considered 4 network structures. Reexamination of their data indicates that RE is a nominally better predictor of market prices than is PI only in the Circle network (among those they considered). The experiment follows the procedures of HRR and uses a modified version of their software. The main modification is the introduction of another network structure (Mobius Ladder) that determines who traders share information with in their group. Other modifications are minor (e.g. final payments now denoted in US$, running 2 groups at once rather than 3). New data is also collected for a Circle as HRR. No new data is collected for other networks used in HHR.
External Link(s)

Registration Citation

Citation
Deck, Cary and Tae In Jun. 2026. "Revisiting Information Aggregation in Networked Markets." AEA RCT Registry. January 22. https://doi.org/10.1257/rct.17639-1.0
Sponsors & Partners
Experimental Details

Interventions

Intervention(s)
The experiment involves a group of 8 traders who observe public and private information about the value of an asset. Prior to trading, traders share private information based upon an exogenous network structure. Markets are run using two network structures: Circle and Mobius ladder.

The prior information (PI) and rational expectations (RE) models each make predictions about what prices should be observed in the market based on the information held by each trader. The experiment is designed to determine which model's prediction better matches observed data for each network.
Intervention Start Date
2026-01-15
Intervention End Date
2026-06-01

Primary Outcomes

Primary Outcomes (end points)
Analysis will be based on observed market prices. Specifically, the mean absolute deviation between observed prices and the prediction of the RE and PI models will be calculated. Following Plott and Sunder (1988, Ecma) and Corgnet, et al. (2023, Man Sci), a Wilcoxon signed rank-sum test will be used to determine which model, if any, best describes the data. The tests will be conducted separately for each treatment.
Primary Outcomes (explanation)

Secondary Outcomes

Secondary Outcomes (end points)
Other relevant analysis in HRR will be replicated.
A Wilcoxon signed rank-sum test will be conducted on the combined data for the Circle network from the experiment and HRR.
Secondary Outcomes (explanation)

Experimental Design

Experimental Design
The experiment involves two treatments using a between subjects design. Subjects are placed in either a Circle or a Mobius Ladder network that determines how private information about asset value is shared before the trading period begins. Each market group consists of 8 people. Two market groups in the same treatment will be conducted concurrently (i.e. a session will involve 16 people).

The experiment procedures (including directions, survey questions, number of periods, parameter values, etc.) follow those of HRR. The only deviations involve minor adjustments given the change in subject population and where the experiment is being conducted) such as text reflecting that final payoffs are in US$.
Experimental Design Details
Not available
Randomization Method
computer
Randomization Unit
session (which consists of two groups of 8 subjects in the same treatment). Randomization of sessions to treatment is conditional on equal number of sessions per treatment.
Was the treatment clustered?
Yes

Experiment Characteristics

Sample size: planned number of clusters
16 groups (8 groups for each of 2 treatments)
Sample size: planned number of observations
128 subjects (8 groups of 8 subjects for each of 2 treatments).
Sample size (or number of clusters) by treatment arms
128 subjects (8 groups of 8 subjects for each of 2 treatments).
Minimum detectable effect size for main outcomes (accounting for sample design and clustering)
Supporting Documents and Materials
IRB

Institutional Review Boards (IRBs)

IRB Name
University of Alabama Institutional Review Board
IRB Approval Date
2025-11-24
IRB Approval Number
25-11-9176
Analysis Plan