Ackert, Lucy F.; Church, Bryan K.; Zhang, Ping - In: Journal of Economic Behavior & Organization 66 (2008) 2, pp. 358-372
This study uses experimental asset markets to investigate the effects of experience and common knowledge on a market's ability to adjust for optimistic forecast bias. As a baseline, we find that period-end prices reflect unbiased forecasts in markets with private information and inexperienced...