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Bubble or no Bubble - The Impact of Market Model on the Formation of Price Bubbles in Experimental Asset Markets
Kirchler, Michael; Huber, Jürgen; Stöckl, Thomas - 2009
For the past two decades a market model introduced by Smith, Suchanek, and Williams (1988, henceforth SSW) has dominated experimental research on financial markets. In SSW the fundamental value of the traded asset is determined by the expected value of a finite stream of dividend payments. This...
Persistent link: https://www.econbiz.de/10010294788
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Learning from experience in the stock market
Nakov, Anton; Nuño, Galo - 2011
We study the dynamics of a Lucas-tree model with finitely lived agents who "learn from experience." Individuals update expectations by Bayesian learning based on observations from their own lifetimes. In this model, the stock price exhibits stochastic boom-and-bust fluctuations around the...
Persistent link: https://www.econbiz.de/10011605442
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Money Is the Root of Asset Bubbles
Awaya, Yu; Iwasaki, Kohei; Watanabe, Makoto - 2024
This paper examines how monetary expansion causes asset bubbles. When there is no monetary expansion, a bubbly asset is …
Persistent link: https://www.econbiz.de/10014534470
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Trading While Sleepy? Circadian Mismatch and Excess Volatility in a Global Experimental Asset Market
Dickinson, David L.; Chaudhuri, Ananish; … - 2017
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/10011744696
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A contribution to the theory of financial fragility and crisis
Bhaduri, Amit - 2010
debt-financed consumption boom supported by rising asset prices, leading to a credit crunch and fluctuations in the real …
Persistent link: https://www.econbiz.de/10010286546
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To see is to believe: Common expectations in experimental asset markets
Cheung, Stephen L.; Hedegaard, Morten; Palan, Stefan - 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/10010289899
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Speculation-driven business cycles
Bigio, Saki; Zilberman, Eduardo - 2019
Speculation, in the spirit of Harrison and Kreps [1978], is introduced into a standard real business cycle model. Investors (speculators) hold heterogeneous beliefs about firm growth. Firm ownership, and thus, the firm's discount factor varies with waves of optimism and leverage. These waves...
Persistent link: https://www.econbiz.de/10012268174
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New instruments for banking regulation and monetary policy after the crisis
Detzer, Daniel - In: Intervention. European Journal of Economics and … 09 (2012) 2, pp. 233-254
reduce excessive asset price inflation by reducing the amount of credit money and investment flowing from financial …
Persistent link: https://www.econbiz.de/10014363152
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New instruments for banking regulation and monetary policy after the crisis
Detzer, Daniel - 2012
reduce excessive asset price inflation by reducing the amount of credit money and investment flowing from financial … suitable for the task of tackling asset price bubbles. …
Persistent link: https://www.econbiz.de/10010309122
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Detecting asset price bubbles with time-series methods
Taipalus, Katja - 2012
conventional unit root tests in modified forms can be used to construct early warning indicators for bubbles in financial markets … 1871, they are able to signal most of the consensus bubbles, defined as stock market booms for example by the IMF, and they … bubbles from the data. Finally, these early warning indicators are applied to data for several housing markets. In most of the …
Persistent link: https://www.econbiz.de/10012148911