The Informational Efficiency Of Experimental Asset Markets
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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.
Discovering The Best
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Author : Andreas Oehler
language : en
Publisher:
Release Date : 2001
Discovering The Best written by Andreas Oehler and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with categories.
This paper reports the results of 18 experimental asset markets with 262 subjects that explore the effects of liquidity and aggregation of information. The main focus lies on the comparison of different trading mechanisms of stock exchanges. Compared to most of financial markets experiments, reality is met by introducing long-living assets and integrating all subjects in a multi-period decision-making process.In accordance with the evidence from the empirical research in real financial markets, our results show that the continuous auction achieves the highest informational efficiency. Dealer markets do the worst; call markets (batch trading) reach an intermediate position. A comparable result is achieved regarding the liquidity of the trading mechanisms.For both success factors of real stock exchanges our results show a strong tendency that continuous trading outperforms the other market structures, at least in the framework of the present measurement and on the chosen abstraction level. This does not exclude for the practice to offer a combination with call markets in certain titles and at certain times, particularly, if the here met assumptions of an open market access and information symmetry between the investors do not apply in full extent.
Bubbles And Crashes In Experimental Asset Markets
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Author : Stefan Palan
language : en
Publisher: Springer Science & Business Media
Release Date : 2009-10-03
Bubbles And Crashes In Experimental Asset Markets written by Stefan Palan 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 2009-10-03 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.
Centralizing Information Improves Market Efficiency More Than Increasing Information Results From Experimental Asset Markets
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Author : Iván J. Barreda Tarrazona
language : en
Publisher:
Release Date : 2017
Centralizing Information Improves Market Efficiency More Than Increasing Information Results From Experimental Asset Markets written by Iván J. Barreda Tarrazona and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
Aggregation Of Information Insider Trading And Liquidity In Experimental Call Markets
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Author : Klaus Heilmann
language : en
Publisher:
Release Date : 2001
Aggregation Of Information Insider Trading And Liquidity In Experimental Call Markets written by Klaus Heilmann and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with categories.
Immediate Disclosure Or Secrecy
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Author : Lucy F. Ackert
language : en
Publisher:
Release Date : 2001
Immediate Disclosure Or Secrecy 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 2001 with Disclosure of information categories.
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.
The Market Value Of Information
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Author : Thomas E. Copeland
language : en
Publisher:
Release Date : 1988
The Market Value Of Information written by Thomas E. Copeland 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.
Market Transparency And Call Markets
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Author : Andreas Oehler
language : en
Publisher:
Release Date : 2001
Market Transparency And Call Markets written by Andreas Oehler and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with categories.
This paper reports the results of 16 experimental asset markets that explore the effects of trade transparency on the price formation process and its results using a more realistic design than related studies. The open orderbook does not improve informational efficiency and does not result in higher liquidity (lower transaction costs). An increase in information intensity leads to both higher trading volume and higher volatility in both orderbook treatments. The comparison shows that they only differ in price volatility which is higher with an open orderbook. The market results mentioned above are confirmed by analyses on the individual level.
Experimental Economics Financial Markets Auctions And Decision Making
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Author : Fredrik Nils Andersson
language : en
Publisher: Springer Science & Business Media
Release Date : 2011-06-28
Experimental Economics Financial Markets Auctions And Decision Making written by Fredrik Nils Andersson 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 2011-06-28 with Business & Economics categories.
Experimental Economics: Financial Markets, Auctions, And Decision Making is based on research presented at the 20th Arne Ryde Symposium on Experimental Economics, held on November 9-11 at Lund University. The volume is divided into two parts. In Part I, interviews with prominent researchers in the field, all invited speakers at the Symposium, are presented. Those interviewed are Peter Bohm, Catherine Eckel, Werner Güth, John Hey, Daniel Kahneman, Alvin Roth, Vernon Smith, and Martin Weber. The interviews address important questions about basic experimental methods and the interpretation of results. In addition, these researchers answer questions relating to their specific fields and to their contributions at the Symposium. They are also asked to single out the most important findings in the field. Part II contains selected contributions from the conference. Topics covered include attitudes towards risk and inequality; pitfalls in experimental economics; analysis of trading-period duration; robustness in learning; video experiments on decision making and fairness; sequential prisoners' dilemmas; and collusion in auctions.