Bubbles In Experimental Asset Markets

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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.

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.

Non Speculative Bubbles In Experimental Asset Markets

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Author : Vivian Lei
language : en
Publisher:
Release Date : 1998

Non Speculative Bubbles In Experimental Asset Markets written by Vivian Lei and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Securities categories.

Bubbles In Asset Markets A Critical Valuation Of Experimental Studies

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Author : Daniel Hosp
language : en
Publisher: GRIN Verlag
Release Date : 2012-09-11

Bubbles In Asset Markets A Critical Valuation Of Experimental Studies written by Daniel Hosp and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-09-11 with Business & Economics categories.

Seminar paper from the year 2012 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,00, University of Innsbruck, language: English, abstract: Bubbles in Asset Market gibt eine kurzen Überblick darüber, wie "Blasen" in Finanzmärkten entstehen könnne und wie deren Entstehung anhand von Experimenten bisher getestet wurde. Darauf aufbauen gibt es empfehlungen für eine geändertes Design der Experimente um bessre Ergebnisse erzielen zu können.

Overconfidence And Bubbles In Experimental Asset Markets

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Author : Julija Michailova
language : en
Publisher:
Release Date : 2011

Overconfidence And Bubbles In Experimental Asset Markets written by Julija Michailova and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.

Bubbles In Experimental Asset Markets

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Author :
language : en
Publisher:
Release Date : 2002

Bubbles 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 2002 with Speculation categories.

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.

Bubbles And Crashes In Experimental Asset Markets

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Author : Stefan Palan
language : en
Publisher: Springer
Release Date : 2010-02-04

Bubbles And Crashes In Experimental Asset Markets written by Stefan Palan and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-02-04 with Business & Economics 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.

Experimental Asset Markets

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Author : Owen Powell
language : en
Publisher:
Release Date : 2015

Experimental Asset Markets written by Owen Powell 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 paper reviews new research on experimental asset markets, markets in which the value of the traded asset is homogeneous across all agents. Such markets have been shown to be prone to substantial mispricing, usually in the form of a bubble-and-crash pattern. This calls into question the efficiency of such markets. The studies reviewed consider how market efficiency is affected by the characteristics of traders (intelligence, knowledge, etc.), the properties of the traded asset (the time path of fundamental value, information provision, etc.), and the structure of the market (market interventions, compensation schemes, etc.). Finally, the paper summarizes with a discussion related to defining a unique measure of mispricing.

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.