earlier series of market experiments that examine how learning occurs in markets characterized by an asymmetry of information … setting and the difficulty of preventing them. This article re-examines bubble experiments in light of the results of an … markets used in bubble experiments are incomplete in that they are lacking a complete set of forward or futures markets …

unnecessary for the efficient operation of markets. This paper presents a new series of market experiments that show that markets … it. In addition to firmly establishing the role of trader intelligence in asset-market equilibrium, these experiments … also provide insights into why bubbles and crashes are consistently observed in many asset-market laboratory experiments …

adaptive learning rules do not take such information into account and optimal adaptive rules do not differ much between the two …

We conduct experiments of a cheap-talk game with incomplete information in which one sender type has an incentive to … misrepresent her type. Although that Sender type mostly lies in the experiments, the Receiver tends to believe the Sender …'s messages. This confirms ``truth bias'' reported in communication theory in a one-shot, anonymous environment without nonverbal …

truthtelling, and learning on the expert's ability is slow. …

predict optimal and suboptimal choices in a financial decision-making task. We characterized two types of deviations from the … of economic decision-making. …

This paper demonstrates that the adaptive learning approach to modelling private sector expectations can be used as an … the two rational expectations equilibria is stable under least-squares learning, and that it is always the low …

series of laboratory asset market experiments beginning with the work of Smith, Suchanek and Williams (1988). We follow the … in laboratory experiments and can also match other, more subtle features of the experimental data. …