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Bubbles and Information in Continuous Double Auction and Call Market : An Experiment
Sakurai, Hiromine - 2017
price bubbles in asset markets, we investigate price dynamics in experimental markets not only under continuous double … auctions (CDAs) but also under call markets (CMs). The results suggest that the effects of informational asymmetry on bubbles … differ between CDAs and CMs. Specifically, informational asymmetry can contribute to the abatement of bubbles under CDAs as …
Persistent link: https://www.econbiz.de/10012961406
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Designing call auction institutions to eliminate price bubbles : is English Dutch the best?
Deck, Cary A.; Servátka, Maroš; Tucker, Steven James - In: The American economic review .... 2 (2020) 2, pp. 225-236
Persistent link: https://www.econbiz.de/10012595771
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Arms or Legs : Isomorphic Dutch Auctions and Centipede Games
Cox, James C.; Duncan, James - 2011
Centipede games and Dutch auctions provide important instances in which game theory fails empirically. The reasons for these empirical failures are not well understood. Standard centipede games and Dutch auctions differ from each other in terms of their Institutional Format (IF), Dynamic...
Persistent link: https://www.econbiz.de/10014185582
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Time is Money : The Effect of Clock Speed on Seller's Revenue in Dutch Auctions
Katok, Elena; Kwasnica, Anthony M. - 2005
This study examines the role of timing in auctions under the premise that time is a valuable resource. When one object is for sale, Dutch and first-price sealed bid auctions are strategically equivalent in standard models, and therefore, they should yield the same revenue for the auctioneer. We...
Persistent link: https://www.econbiz.de/10014066619
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Do markets (institutions) drive out lemmings-or vice versa?
Morone, Andrea; Nuzzo, Simone - 2016
We investigate, by mean of a lab experiment, a market inspired by two strands of literature on one hand we have herd behaviour in non-market situations, and on the other hand aggregation of private information in markets. The former suggests that socially undesirable herd behaviour may result...
Persistent link: https://www.econbiz.de/10011544083
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Compensation schemes, liquidity provision, and asset prices : an experimental analysis
Baghestanian, Sascha; Gortner, Paul; Massenot, Baptiste - 2015
limited liability investors contribute to asset price bubbles by increasing liquidity provision and that caps fail to tame … bubbles. Overall, giving investors skin in the game fosters financial stability. …
Persistent link: https://www.econbiz.de/10010530580
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Thar she blows again : reducing anchoring rekindles bubbles
Baghestanian, Sascha; Walker, Todd B. - 2014
We investigate the relationship between anchoring and the emergence of bubbles in experimental asset markets. We show … significantly reduce bubbles in laboratory asset markets. If no FV-anchor is set, bubble-crash patterns emerge. Our results indicate … that bubbles in laboratory environments are primarily sparked in the first period. If prices are initiated around the FV …
Persistent link: https://www.econbiz.de/10010365125
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Price bubbles sans dividend anchors : evidence from laboratory stock markets
Hirota, Shin'ichi (contributor); Sunder, Shyam (contributor) - 2005
consequent difficulty of backward induction are important contributors to the emergence of price bubbles. -- stock price bubbles …
Persistent link: https://www.econbiz.de/10002868667
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Emotions and Chat in a Financial Markets Experiment
Hargreaves Heap, Shaun P. - 2011
This paper examines experimentally two common conjectures in the popular literature on financial markets: that they are swayed by emotion and that they behave like a 'crowd'. We find consistent evidence that deviations of prices from fundamental value depend on the emotion of excitement and on...
Persistent link: https://www.econbiz.de/10013128657
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Speculation and Price Indeterminacy in Financial Markets : An Experimental Study
Hirota, Shinichi - 2020
To explore how speculative trading influences prices in financial markets, we conduct a laboratory market experiment with speculating investors (who do not collect dividends and trade only for capital gains) and dividend-collecting investors. Moreover, we operate markets at two different...
Persistent link: https://www.econbiz.de/10012836376