Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/125108 
Erscheinungsjahr: 
2015
Schriftenreihe/Nr.: 
Tinbergen Institute Discussion Paper No. 15-107/II
Verlag: 
Tinbergen Institute, Amsterdam and Rotterdam
Zusammenfassung: 
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.
Schlagwörter: 
Financial Bubbles
Experimental Finance
Rational Expectations
Learning to Forecast
Learning to Optimize
JEL: 
C91
C92
D53
D83
D84
Dokumentart: 
Working Paper
Erscheint in der Sammlung:

Datei(en):
Datei
Größe
628.96 kB





Publikationen in EconStor sind urheberrechtlich geschützt.