. One is a call market experiment in which participants trade assets with each other. The other is a learning-to-forecast … experiment in which participants only forecast future prices, while the trade, which is based on these forecasts, is computerized … literature. Our findings in the learning-to-forecast experiment are novel. Interestingly, the shape of the bubbles is different …

biases can be inferred from the response of forecast errors to past news. Empirically, biases are measured by flexibly … estimating the impulse response function of forecast errors. The framework does not require precise knowledge of the true data …

forecast the future price of a risky asset. The realized prices depend on these expectations. We observe small (6 participants …) and large markets (about 100 participants). In large markets the influence of an individual forecast on the realized price …