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Transaction Taxes and Traders with Heterogeneous Investment Horizons in an Agent-Based Financial Market Model
Campanella, Edoardo - 2010
due to taxation and how emergent properties from the interaction of traders like bubbles and crashes, excess volatility …, excess kurtosis and volatility clustering change. Numerical simulations reveal that under taxation traders abstain from short …-term trading in favour of longer investment horizons. This change in behavior leads to less excess volatility and diminishing …
Persistent link: https://www.econbiz.de/10013135077
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Anchoring in experimental asset markets
Baghestanian, Sascha; Walker, Todd B. - 2015
We investigate the relationship between anchoring and the emergence of bubbles in experimental asset markets. We show that setting a visual anchor at the fundamental value (FV) in the first period only is sufficient to eliminate or to significantly reduce bubbles in laboratory asset markets. If...
Persistent link: https://www.econbiz.de/10012061107
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The 'Write' Size of Trading Behavior : Overconfidence, Prices, and Bubbles in Experimental Asset Markets
Bogan, Vicki L. - 2020
This study analyzes the role that overconfidence plays in investor trading behavior. Using a unique measure of confidence (signature size) with an experimental economics approach, we find that those who are more confident bid significantly higher for assets in simulated trading exercises. This...
Persistent link: https://www.econbiz.de/10012852016
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Compensation schemes, liquidity provision, and asset prices : an experimental analysis
Baghestanian, Sascha; Gortner, Paul; Massenot, Baptiste - 2015
In an experimental setting in which investors can entrust their money to traders, we investigate how compensation schemes affect liquidity provision and asset prices. Investors face a trade-off between risk and return. At the benefit of a potentially higher return, they can entrust their money...
Persistent link: https://www.econbiz.de/10010530580
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Market efficiency, trading institutions and information mirages : evidence from an experimental asset market
Morone, Andrea; Nuzzo, Simone - 2016
We investigate traders’ behaviour in an experimental asset market where uninformed agents cannot be sure about the presence of insiders. In this framework we compare two trading institutions: the continuous double auction and the call market. The purpose of this comparison is to test which of...
Persistent link: https://www.econbiz.de/10011784567
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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 that setting a visual anchor at the fundamental value (FV) in the first period only is sufficient to eliminate or to significantly reduce bubbles in laboratory asset markets. If...
Persistent link: https://www.econbiz.de/10010365125
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Greed and Individual Trading Behavior in Experimental Asset Markets
Hoyer, Karlijn; Zeisberger, Stefan; Breugelmans, Seger; … - 2021
Greed has been shown to be an important economic motive. Both the popular press as well as scientific papers have mentioned questionable practices by greedy bankers and investors as one of the root causes of the 2008 global financial crisis. In spite of these suggestions, there is as of yet no...
Persistent link: https://www.econbiz.de/10013242440
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A Culture of Greed : Bubble Formation in Experimental Asset Markets with Greedy and Non-Greedy Traders
Hoyer, Karlijn; Zeisberger, Stefan; Breugelmans, Seger; … - 2021
We investigate the relation between the motive of greed and several asset market indicators such as trading activity and bubble formation in the form of mispricing, overpricing, and price amplitude. To that end, we run experiments in which we are able to measure individuals’ greed and create...
Persistent link: https://www.econbiz.de/10013228409
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Fundamental Value Trajectories and Trader Characteristics in an Asset Market Experiment
Breaban, Adriana - 2014
We report results from an asset market experiment, in which we investigate how the time path of the fundamental value …
Persistent link: https://www.econbiz.de/10013059603
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Trading Institutions in Experimental Asset Markets : Theory and Evidence
Guler, Bulent; Lugovskyy, Volodymyr; Puzzello, Daniela; … - 2021
We report the results of an experiment designed to study the role of trading institutions in the formation of bubbles …
Persistent link: https://www.econbiz.de/10013313532