Overconfidence is one of the most important biases in financial markets and commonly associated with excessive trading … and asset market bubbles. So far, most of the finance literature takes overconfidence as a given, "static" personality … trait. In this paper we introduce a novel experimental design which allows us to track different measures of overconfidence …

information asymmetrically influences expectations of participants in experiments who show different levels of overconfidence. …' characteristics, such as gender, financial knowledge or overconfidence, do not affect these findings. Placebic information does not …

market set-up that accounts for fundamental uncertainty. Nonetheless, the market is designed so that its total value is known …, and thus its rationality can be evaluated. In two experiments, the authors observe that quick consensus emerges early …

market set -up that accounts for fundamental uncertainty. Nonetheless, the market is designed so that its total value is … known, and thus its rationality can be evaluated. In two experiments, the authors observe that quick consensus emerges early …