economic theory. Nevertheless, as the increasingly exquisite and detailed financial data demonstrate, financial markets often …

A rich history of theoretical models in finance shows that speculation can lead to overpricing and price bubbles. We … step, we elicit individual speculative behavior in a one-shot setting with a novel Speculation Elicitation Task (SET). In a … explanations, using a market environment introduced by Lei, Noussair, and Plott (2001) where speculation is impossible. Taken …