". We observe both stable markets and large bubbles for both small and large markets. The data analysis shows no differences … successfully drives prices back towards the fundamental, but we observe very large bubbles in which the news apparently has no …

. These bubbles do not disappear with experience. Our findings in the call market experiment stand in contrast to the … literature. Our findings in the learning-to-forecast experiment are novel. Interestingly, the shape of the bubbles is different … between the two experiments. We observe flat bubbles in the call market experiment and boom-and-bust cycles in the learning …

momentum trading. It demonstrates how HAMs can help to understand stock price co-movements and evolutionary CAPM. It also …

, abnormally high asset prices can be caused by financial bubbles. In this model, bubbles can emerge and deflate both in cycles or … rate. This can lead to new stable equilibria, but the emergence and bursting of bubbles cannot be prevented. …