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Mind, Body, Bubble! Psychological and Biophysical Dimensions of Behavior in Experimental Asset Markets

Butler, David - 2018

Asset market bubbles and crashes are a major source of economic instability and inefficiency. Sometimes ascribed to …

Persistent link: https://www.econbiz.de/10012917090

League-Table Incentives and Price Bubbles in Experimental Asset Markets

Cheung, Stephen L. - 2011

We study experimental markets in which participants face incentives modeled upon those prevailing in markets for managed funds. Each participant's portfolio is periodically evaluated at market value and ranked in a league table according to short-term paper returns. Those who rank highly attract...

Persistent link: https://www.econbiz.de/10013124787

Two Heads are Less Bubbly than One : Team Decision-Making in an Experimental Asset Market

Cheung, Stephen L. - 2009

We study the effect of team decision-making on bubbles and crashes in experimental asset markets of the kind introduced …

Persistent link: https://www.econbiz.de/10013155154

Trading While Sleepy? Circadian Mismatch and Excess Volatility in a Global Experimental Asset Market

Dickinson, David L. - 2017

experiment that regularly produces valuation bubble and crash events. Global sessions involved real time trades between subjects … asset market bubbles occur in all sessions, but global markets had significantly more extreme and longer duration valuation … bubbles. Additionally, subjects at the most suboptimal times-of-day held significantly more asset shares in their portfolios …

Persistent link: https://www.econbiz.de/10012947730

To See is to Believe : Common Expectations in Experimental Asset Markets

Cheung, Stephen L. - 2012

We challenge the recent claim that mispricing in the experimental asset markets introduced by Smith, Suchanek, and Williams (1988) is merely an artefact of confusion over declining fundamental value, and can be eliminated through appropriate training. We instead propose that when training is...

Persistent link: https://www.econbiz.de/10013099096

Stock Market Returns and Consumption

Di Maggio, Marco - 2018

stock market returns. We instrument the actual capital gains and dividend payments with past portfolio weights. Unrealized … a flat 5 percent for the rest of the distribution. Households' consumption is significantly more responsive to dividend …

Persistent link: https://www.econbiz.de/10012925516

Is Transparency an Anti-Corruption Myth?

Murray, Cameron - 2017

We look at the effect of transparency on the incidence of costly back-scratching in a laboratory setting by implementing player identification via photographs. In our experimental design players have an incentive to form bilateral alliances in which they favour their partner at the expense of...

Persistent link: https://www.econbiz.de/10012959036

Incentive Complexity, Bounded Rationality and Effort Provision

Abeler, Johannes; Huffman, David; Raymond, Collin - 2023

Using field and laboratory experiments, we demonstrate that the complexity of incentive schemes and worker bounded rationality can affect effort provision, by shrouding attributes of the incentives. In our setting, complexity leads workers to over-provide effort relative to a fully rational...

Persistent link: https://www.econbiz.de/10014347039

Contracts as Reference Points : Experimental Evidence

Fehr, Ernst - 2009

with established behavioral concepts, they cannot easily be explained by existing theories. The experiment appears to …

Persistent link: https://www.econbiz.de/10012765614

A Behavioral Account of the Labor Market : The Role of Fairness Concerns

Fehr, Ernst - 2008

In this paper, we argue that important labor market phenomena can be better understood if one takes (i) the inherent incompleteness and relational nature of most employment contracts and (ii) the existence of reference-dependent fairness concerns among a substantial share of the population into...

Persistent link: https://www.econbiz.de/10012768171

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