An Experimental Study Of Bubble Formation In Asset Markets Using The T Tonnement Trading Institution
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An Experimental Study Of Bubble Formation In Asset Markets Using The T Tonnement Trading Institution
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Author : Volodymyr Lugovskyy
language : en
Publisher:
Release Date : 2011
An Experimental Study Of Bubble Formation In Asset Markets Using The T Tonnement Trading Institution written by Volodymyr Lugovskyy and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Capital assets pricing model categories.
An Experimental Study Of Bubble Formation In Asset Markets Using The T Tonnement Pricing Mechanism
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Author : Volodymyr Lugovskyy
language : en
Publisher:
Release Date : 2009
An Experimental Study Of Bubble Formation In Asset Markets Using The T Tonnement Pricing Mechanism written by Volodymyr Lugovskyy and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Capital assets pricing model categories.
Asset Bubbles Without Dividends An Experiment
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Author : Jörg Oechssler
language : en
Publisher:
Release Date : 2007
Asset Bubbles Without Dividends An Experiment written by Jörg Oechssler and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
Bubbles And Crashes In Experimental Asset Markets
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Author : Stefan Palan
language : en
Publisher:
Release Date : 2009-10-02
Bubbles And Crashes In Experimental Asset Markets written by Stefan Palan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-10-02 with Capital market categories.
This book describes a laboratory experiment designed to test the causes and properties of bubbles in financial markets and explores the question whether it is possible to design markets which avoid such bubbles and crashes. In the experiment, subjects were given the opportunity to trade in a stock market modeled after the seminal work of Smith et al. (1988). To account for the increasing importance of online betting sites, subjects were also allowed to trade in a digital option market. The outcomes shed new light on how subjects form and update their expectations, placing special emphasis on the bounded rationality of investors. Various analytical bubble measures found in the literature are collected, calculated, classified and presented for the first time. The very interesting new bubble measures "Dispersion Ratio", "Overpriced Transactions" and "Underpriced Transactions" are developed, making the book an important step towards the research goal of preventing bubbles and crashes in financial markets. In addition, the book formulates concrete new research hypotheses for future studies.
Laws Against Bubbles
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Author : Erik F. Gerding
language : en
Publisher:
Release Date : 2010
Laws Against Bubbles written by Erik F. Gerding and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
This article analyzes the effectiveness of proposed and actual securities, financial, and tax laws designed to prevent, or dampen the severity of asset price bubbles, including laws designed to mitigate excessive speculation. The article employs experimental asset market research to measure the effectiveness of these anti-bubble laws in correcting mispricings. Experimental asset markets represent complex simulations of stock markets in which subjects trade securities over a computer network. These markets allow scholars to test causal links between legal policies and market effects in ways that empirical research alone cannot. With these virtual markets, researchers can identify asset price bubbles - when prices of assets diverge from fundamental values - with a certainty that is beyond the capacity of empirical studies.The article places anti-bubble laws in the following template, which maps onto microeconomic (including behavioral finance) and macroeconomic research on bubble formation:(1) laws that aim to provide information to investors on fundamental value of assets: these laws require enhanced disclosure or investor education either to focus investor attention on information on fundamental value rather than noise or to remedy information asymmetries that lead to asset mispricing; (2) laws that attempt to short circuit positive feedback loops: these anti-bubble laws attempt to dampen the positive feedback created when investors chase rising asset prices and include transaction taxes, circuit breakers and laws that attempt to restrict access of investors to certain markets or channel less sophisticated investors to less risky assets; (3) removal of legal restrictions on arbitrage; and (4) laws that restrict credit to investors to curb speculation (e.g., margin regulations). Experimental (and empirical) evidence suggests the effectiveness of many laws in eliminating bubbles is weak. This article argues for greater use of experimental asset market research in corporate and securities law scholarship and provides a model for an analysis of the validity of experimental results.
The Effect Of Earned Vs House Money On Price Bubble Formation In Experimental Asset Markets
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Author :
language : en
Publisher:
Release Date : 2013
The Effect Of Earned Vs House Money On Price Bubble Formation In Experimental Asset Markets written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
Bubble Or No Bubble
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Author : Michael Kirchler
language : en
Publisher:
Release Date : 2009
Bubble Or No Bubble written by Michael Kirchler and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
Bubbles In Experimental Asset Markets
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Author : Lucy F. Ackert
language : en
Publisher:
Release Date : 2015
Bubbles In Experimental Asset Markets written by Lucy F. Ackert and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
The robustness of bubbles and crashes in markets for finitely lived assets is perplexing. This paper reports the results of experimental asset markets in which participants trade two assets. In some markets, price bubbles form. In these markets, traders will pay even higher prices for the asset with lottery characteristics, i.e., a claim on a large, unlikely payoff. However, institutional design has a significant impact on deviations in prices from fundamental values, particularly for an asset with lottery characteristics. Price run-ups and crashes are moderated when traders finance purchases of the assets themselves and are allowed to short sell.
Bubble Formation And In Efficient Markets In Learning To Forecast And Optimise Experiments
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Author : Te Bao
language : en
Publisher:
Release Date : 2015
Bubble Formation And In Efficient Markets In Learning To Forecast And Optimise Experiments written by Te Bao and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
This experiment compares the price dynamics and bubble formation in an asset market with a price adjustment rule in three treatments where subjects (1) submit a price forecast only, (2) choose quantity to buy/sell and (3) perform both tasks. We find deviation of the market price from the fundamental price in all treatments, but to a larger degree in treatments (2) and (3). Mispricing is therefore a robust finding in markets with positive expectation feedback. Some very large, recurring bubbles arise, where the price is 3 times larger than the fundamental value, which were not seen in former experiments.
Bubbles Crashes And Information Contagion In Large Group Asset Market Experiments
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Author : Cars H. Hommes
language : en
Publisher:
Release Date : 2019
Bubbles Crashes And Information Contagion In Large Group Asset Market Experiments written by Cars H. Hommes and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
We study the emergence of bubbles in a laboratory experiment with large groups of individuals. The realized price is the aggregation of the forecasts of a group of individuals, with positive expectations feedback through speculative demand. When prices deviate from fundamental value, a random selection of participants receives news about overvaluation. Our findings are: (i) large asset bubbles occur in large groups, (ii) information contagion through news affects behaviour and may break the coordination on a bubble, (iii) time varying heterogeneity provides an accurate explanation of bubble formation and crashes, and (iv) bubbles are strongly amplified by coordination on trend-extrapolation.