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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.

Trading Institutions In Experimental Asset Markets

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Author : Bulent Guler
language : en
Publisher:
Release Date : 2021

Trading Institutions In Experimental Asset Markets written by Bulent Guler and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with categories.

The Informational Efficiency Of Experimental Asset Markets

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Author : Daniel Friedman
language : en
Publisher: London : Department of Economics, University of Western Ontario
Release Date : 1983

The Informational Efficiency Of Experimental Asset Markets written by Daniel Friedman and has been published by London : Department of Economics, University of Western Ontario this book supported file pdf, txt, epub, kindle and other format this book has been release on 1983 with Bonds categories.

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.

Partial Revelation Of Information In Experimental Asset Markets

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Author : Daniel Friedman
language : en
Publisher:
Release Date : 1988

Partial Revelation Of Information In Experimental Asset Markets written by Daniel Friedman and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with Capital market 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.