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Author : Vivian Lei
Publisher :
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.:/5 (416 download)
Download or read book Non-speculative Bubbles in Experimental Asset Markets written by Vivian Lei and published by . This book was released on 1998 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Stefan Palan
Publisher : Springer Science & Business Media
ISBN 13 : 3642021476
Total Pages : 179 pages
Book Rating : 4.6/5 (42 download)
Download or read book Bubbles and Crashes in Experimental Asset Markets written by Stefan Palan and published by Springer Science & Business Media. This book was released on 2009-10-03 with total page 179 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book describes a laboratory experiment designed to test the causes and properties of bubbles in financial markets and explores the question whether it is possible to design markets which avoid such bubbles and crashes. In the experiment, subjects were given the opportunity to trade in a stock market modeled after the seminal work of Smith et al. (1988). To account for the increasing importance of online betting sites, subjects were also allowed to trade in a digital option market. The outcomes shed new light on how subjects form and update their expectations, placing special emphasis on the bounded rationality of investors. Various analytical bubble measures found in the literature are collected, calculated, classified and presented for the first time. The very interesting new bubble measures "Dispersion Ratio", "Overpriced Transactions" and "Underpriced Transactions" are developed, making the book an important step towards the research goal of preventing bubbles and crashes in financial markets.
Author :
Publisher :
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.:/5 (248 download)
Download or read book Bubbles in Experimental Asset Markets written by and published by . This book was released on 2002 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Daniel Hosp
Publisher : GRIN Verlag
ISBN 13 : 3656270449
Total Pages : 19 pages
Book Rating : 4.6/5 (562 download)
Download or read book Bubbles in Asset Markets - A critical valuation of experimental studies written by Daniel Hosp and published by GRIN Verlag. This book was released on 2012-09-11 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2012 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,00, University of Innsbruck, language: English, abstract: Bubbles in Asset Market gibt eine kurzen Überblick darüber, wie "Blasen" in Finanzmärkten entstehen könnne und wie deren Entstehung anhand von Experimenten bisher getestet wurde. Darauf aufbauen gibt es empfehlungen für eine geändertes Design der Experimente um bessre Ergebnisse erzielen zu können.
Author : Lucy F. Ackert
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.:/5 (129 download)
Download or read book Bubbles in Experimental Asset Markets written by Lucy F. Ackert and published by . This book was released on 2015 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: The robustness of bubbles and crashes in markets for finitely lived assets is perplexing. This paper reports the results of experimental asset markets in which participants trade two assets. In some markets, price bubbles form. In these markets, traders will pay even higher prices for the asset with lottery characteristics, i.e., a claim on a large, unlikely payoff. However, institutional design has a significant impact on deviations in prices from fundamental values, particularly for an asset with lottery characteristics. Price run-ups and crashes are moderated when traders finance purchases of the assets themselves and are allowed to short sell.
Author : Dirk-Jan Janssen
Publisher :
ISBN 13 :
Total Pages : 21 pages
Book Rating : 4.:/5 (13 download)
Download or read book Individual Speculative Behavior and Overpricing in Experimental Asset Markets written by Dirk-Jan Janssen and published by . This book was released on 2018 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: A rich history of theoretical models in finance shows that speculation can lead to overpricing and price bubbles. We provide evidence that, indeed, individual speculative behavior fuels overpricing in (experimental) asset markets. In a first step, we elicit individual speculative behavior in a one-shot setting with a novel Speculation Elicitation Task (SET). In a second step, we use this measure of speculative behavior to compose dynamic, continuous double auction markets in line with Smith, Suchanek, and Williams (1988). We find significant higher overpricing in markets with traders who exhibited more speculative behavior in the individual SET. However, we find no such differences in overpricing when we test for alternative explanations, using a market environment introduced by Lei, Noussair, and Plott (2001) where speculation is impossible. Taken together, our results corroborate the notion that speculation is an important factor in overpricing and bubble formation if market environments allow for the pursuit of capital gains.
Author : Catherine C. Eckel
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)
Download or read book Thar 'She' Blows? Gender, Competition, and Bubbles in Experimental Asset Markets written by Catherine C. Eckel and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Do women and men behave differently in financial asset markets? Our results from an asset market experiment using the Smith, Suchaneck, and Williams (1988) framework show marked gender difference in producing speculative price bubbles. Using 35 markets from different studies, a meta-analysis confirms the inverse relationship between the magnitude of price bubbles and the frequency of female traders in the market. Women's price forecasts also are much lower, even in the first period. Additional analysis shows the results are not due to differences in risk aversion, personality, or math skills. Implications for financial markets and experimental methodology are discussed.
Author : Michael Kirchler
Publisher :
ISBN 13 :
Total Pages : 41 pages
Book Rating : 4.:/5 (731 download)
Download or read book Bubble Or No Bubble written by Michael Kirchler and published by . This book was released on 2009 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Julija Michailova
Publisher :
ISBN 13 :
Total Pages : 35 pages
Book Rating : 4.:/5 (749 download)
Download or read book Overconfidence and Bubbles in Experimental Asset Markets written by Julija Michailova and published by . This book was released on 2011 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Owen Powell
Publisher :
ISBN 13 :
Total Pages : 30 pages
Book Rating : 4.:/5 (13 download)
Download or read book Experimental Asset Markets written by Owen Powell and published by . This book was released on 2015 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews new research on experimental asset markets, markets in which the value of the traded asset is homogeneous across all agents. Such markets have been shown to be prone to substantial mispricing, usually in the form of a bubble-and-crash pattern. This calls into question the efficiency of such markets. The studies reviewed consider how market efficiency is affected by the characteristics of traders (intelligence, knowledge, etc.), the properties of the traded asset (the time path of fundamental value, information provision, etc.), and the structure of the market (market interventions, compensation schemes, etc.). Finally, the paper summarizes with a discussion related to defining a unique measure of mispricing.
Author : Brice Corgnet
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (115 download)
Download or read book On Booms that Never Bust written by Brice Corgnet and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Lucy F. Ackert
Publisher :
ISBN 13 :
Total Pages : 45 pages
Book Rating : 4.:/5 (129 download)
Download or read book The Origins of Bubbles in Laboratory Asset Markets written by Lucy F. Ackert and published by . This book was released on 2014 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: In twelve sessions conducted in a typical bubble-generating experimental environment, we design a pair of assets that can detect both irrationality and speculative behavior. The specific form of irrationality we investigate is probability judgment error associated with low-probability, high-payoff outcomes. Independently, we test for speculation by comparing prices of identically paying assets in multiperiod versus single-period markets. When these tests indicate the presence of probability judgment error and speculation, bubbles are more likely to occur. This finding suggests that both factors are important bubble drivers.
Author : Richard Hollis Day
Publisher : Oxford University Press, USA
ISBN 13 :
Total Pages : 360 pages
Book Rating : 4.F/5 ( download)
Download or read book Nonlinear Dynamics and Evolutionary Economics written by Richard Hollis Day and published by Oxford University Press, USA. This book was released on 1993 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: Advances in physics, computers, and mathematics have made it possible to illustrate an astonishing array of potential behavior that can occur when nonlinear interactions are present. As Prigogine explains from a physicist's perspective, the fundamental role of instability and bounded rationality provide more precise understanding for evolution and changes. This volume considers these developments from various fields in the context of economic science. The work starts with a general non-mathematical discussion, introducing the major themes--nonlinearity, dynamical systems, and evolution in economic processes. The work continues with nonlinear analysis of macroeconomic growth and fluctuations. It describes analyses of economic adaptation, learning, and self-organization. The volume also scrutinizes a specific market--equities using nonlinear analysis, controlled experiments, and statistical inference when nonlinearity plays an essential role in data generation. The volume closes with an historical reflection by Richard Goodwin and a roundtable discussion on basic issues and new challenges in nonlinear economic dynamics.
Author : Garett Jones
Publisher : Springer
ISBN 13 : 1137553790
Total Pages : 365 pages
Book Rating : 4.1/5 (375 download)
Download or read book Banking Crises written by Garett Jones and published by Springer. This book was released on 2016-01-26 with total page 365 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why do banks collapse? Are financial systems more fragile in recent decades? Can policies to fix the banking system do more harm than good? What's the history of banking crises? With dozens of brief, non-technical articles by economists and other researchers, Banking Crises offers answers from diverse scholarly viewpoints.
Download or read book The Origins of Bubbles in Laboratory Asset Markets written by and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: "In twelve sessions conducted in a typical bubble-generating experimental environment, we design a pair of assets that can detect both irrationality and speculative behavior. The specific form of irrationality we investigate is probability judgment error associated with low-probability, high-payoff outcomes. Independently, we test for speculation by comparing prices of identically paying assets in multiperiod versus single-period markets. When these tests indicate the presence of probability judgment error and speculation, bubbles are more likely to occur. This finding suggests that both factors are important bubble drivers"--Federal Reserve Bank of Atlanta web site.
Author : Markus Konrad Brunnermeier
Publisher : Oxford University Press, USA
ISBN 13 : 9780198296980
Total Pages : 264 pages
Book Rating : 4.2/5 (969 download)
Download or read book Asset Pricing Under Asymmetric Information written by Markus Konrad Brunnermeier and published by Oxford University Press, USA. This book was released on 2001 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: The role of information is central to the academic debate on finance. This book provides a detailed, current survey of theoretical research into the effect on stock prices of the distribution of information, comparing and contrasting major models. It examines theoretical models that explain bubbles, technical analysis, and herding behavior. It also provides rational explanations for stock market crashes. Analyzing the implications of asymmetries in information is crucial in this area. This book provides a useful survey for graduate students.
Author : Kun Zhang
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (16 download)
Download or read book Essays on Bubbles and Crashes in Experimental Asset Markets written by Kun Zhang and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
