Using a unique sample constructed by 600 investors' responses to a structured questionnaire, we investigate the impact of behavioral biases on the investors' investment decision making in the Pakistani equity market, as well as the roles that market anomalies and financial literacy play in the...

This paper sets up an experimental asset market in the laboratory to investigate the effects of ambiguity on price formation and trading behavior in financial markets. The obtained trading data is used to analyze the effect of ambiguity on various market outcomes (the price level, volatility,...