id	author	title	date	pages	extension	mime	words	sentences	flesch	summary	cache	txt
work_qjpdv32frbbudphd3t5xfq5dkm	Alexis Stenfors	LIBOR as a Keynesian Beauty Contest: A Process of Endogenous Deception	2014	20	.pdf	application/pdf	8223	649	68	London Interbank Offered Rate (LIBOR) fixing mechanism, where the actual money market LIBOR as the outcome of a particular kind of p-beauty contest game, in which players of England, 2007; McAndrews, Sarkar, & Wang, 2008; Poskitt, 2011; Schwartz, 2010).2 This submit LIBOR quotes deviating what could be regarded as the 'actual' money market rate. However, in a LIBOR game, we do have a natural focal point: the money market rate, submit LIBOR quotes deviating from their actual short-term funding cost. Another incentive relates to the stigma attached to signalling a relative high shortterm funding cost through the LIBOR fixing process. players submitting a below-average quote – regardless of the actual LIBOR fixing. consider a hypothetical game with 16 players (LIBOR panel banks) played from t-1 to that all banks submit LIBOR quotes at, or close to, the funding cost at the time (assumed to 	./cache/work_qjpdv32frbbudphd3t5xfq5dkm.pdf	./txt/work_qjpdv32frbbudphd3t5xfq5dkm.txt