Non Speculative Bubbles In Experimental Asset Markets

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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 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.

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 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.

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.

Individual Speculative Behavior And Overpricing In Experimental Asset Markets

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Author : Dirk-Jan Janssen
language : en
Publisher:
Release Date : 2018

Individual Speculative Behavior And Overpricing In Experimental Asset Markets written by Dirk-Jan Janssen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.

A rich history of theoretical models in finance shows that speculation can lead to overpricing and price bubbles. We provide evidence that, indeed, individual speculative behavior fuels overpricing in (experimental) asset markets. In a first step, we elicit individual speculative behavior in a one-shot setting with a novel Speculation Elicitation Task (SET). In a second step, we use this measure of speculative behavior to compose dynamic, continuous double auction markets in line with Smith, Suchanek, and Williams (1988). We find significant higher overpricing in markets with traders who exhibited more speculative behavior in the individual SET. However, we find no such differences in overpricing when we test for alternative explanations, using a market environment introduced by Lei, Noussair, and Plott (2001) where speculation is impossible. Taken together, our results corroborate the notion that speculation is an important factor in overpricing and bubble formation if market environments allow for the pursuit of capital gains.

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.

The Stock Market Bubbles Volatility And Chaos

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Author : G.P. Dwyer
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-03-09

The Stock Market Bubbles Volatility And Chaos written by G.P. Dwyer and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-03-09 with Business & Economics categories.

Gerald P. Dwyer, Jr. and R. W. Hafer The articles and commentaries included in this volume were presented at the Federal Reserve Bank of St. Louis' thirteenth annual economic policy conference, held on October 21-22, 1988. The conference focused on the behavior of asset market prices, a topic of increasing interest to both the popular press and to academic journals as the bull market of the 1980s continued. The events that transpired during October, 1987, both in the United States and abroad, provide an informative setting to test alter native theories. In assembling the papers presented during this conference, we asked the authors to explore the issue of asset pricing and financial market behavior from several vantages. Was the crash evidence of the bursting of a speculative bubble? Do we know enough about the work ings of asset markets to hazard an intelligent guess why they dropped so dramatically in such a brief time? Do we know enough to propose regulatory changes that will prevent any such occurrence in the future, or do we want to even if we can? We think that the articles and commentaries contained in this volume provide significant insight to inform and to answer such questions. The article by Behzad Diba surveys existing theoretical and empirical research on rational bubbles in asset prices.

Thar She Blows Gender Competition And Bubbles In Experimental Asset Markets

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Author : Catherine C. Eckel
language : en
Publisher:
Release Date : 2016

Thar She Blows Gender Competition And Bubbles In Experimental Asset Markets written by Catherine C. Eckel and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.

Do women and men behave differently in financial asset markets? Our results from an asset market experiment using the Smith, Suchaneck, and Williams (1988) framework show marked gender difference in producing speculative price bubbles. Using 35 markets from different studies, a meta-analysis confirms the inverse relationship between the magnitude of price bubbles and the frequency of female traders in the market. Women's price forecasts also are much lower, even in the first period. Additional analysis shows the results are not due to differences in risk aversion, personality, or math skills. Implications for financial markets and experimental methodology are discussed.

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.