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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
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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 animal spirits or irrational exuberance, their source remains imperfectly understood. Experimental methods can isolate systematic deviations from an asset's fundamental value in a...
Persistent link: https://www.econbiz.de/10012917090
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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
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Predictability of Asset Returns and the Efficient Market Hypothesis
Pesaran, M. Hashem - 2010
This paper is concerned with empirical and theoretical basis of the Efficient Market Hypothesis (EMH). The paper begins with an overview of the statistical properties of asset returns at different frequencies (daily, weekly and monthly), and considers the evidence on return predictability, risk...
Persistent link: https://www.econbiz.de/10013141228
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Information and Beliefs in a Repeated Normal-Form Game
Fehr, Dietmar; Kübler, Dorothea; Danz, David Nils - 2021
We study beliefs and choices in a repeated normal-form game. In addition to a baseline treatment with common knowledge of the game structure and feedback about choices in the previous period, we run treatments (i) without feedback about previous play, (ii) with no information about the...
Persistent link: https://www.econbiz.de/10013325045
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A Nation-Wide Laboratory : Examining Trust and Trustworthiness by Integrating Behavioral Experiments into Representative Surveys
Fehr, Ernst; Fischbacher, Urs; von Rosenbladt, Bernhard; … - 2023
wellwith behaviorally exhibited trust in the experiment. People above the age of 65, highly skilledworkers and people living in …
Persistent link: https://www.econbiz.de/10014255643
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Entrepreneurship : Cause or Consequence of Financial Optimism?
Dawson, Christopher J. - 2012
psychological disposition and environmental factors, as theory requires if optimism is to be a causal influence on entrepreneurship …
Persistent link: https://www.econbiz.de/10013099728
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The Cyclical Volatility of Labor Markets Under Frictional Financial Markets
Petrosky-Nadeau, Nicolas - 2010
Financial frictions are known to raise the volatility of economies to shocks (e.g. Bernanke andGertler 1989). We follow … this line of research to the labor literature concerned by the volatility of labor market outcomes to productivity shocks … are a good candidate to solve the volatility puzzle and rejoin Pissarides (2009) in arguing that hiring costs must be …
Persistent link: https://www.econbiz.de/10013139045
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Effort and Comparison Income : Experimental and Survey Evidence
Clark, Andrew; Masclet, David; Villeval, Marie Claire - 2021
This paper considers the effect of status or relative income on work effort combining experimental evidence from a gift-exchange game with ISSP survey data. We find a consistent negative effect of others' incomes on individual effort in both datasets. The individual's rank in the income...
Persistent link: https://www.econbiz.de/10013317559
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Correlation Neglect in Belief Formation
Enke, Benjamin - 2013
Many information structures generate correlated rather than mutually independent signals, the news media being a prime example. This paper shows experimentally that in such contexts many people neglect these correlations in the updating process and treat correlated information as independent. In...
Persistent link: https://www.econbiz.de/10013082140