Asset Bubbles Without Dividends An Experiment

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Bubbles and Crashes in Experimental Asset Markets

Author : Stefan Palan
Publisher : Springer Science & Business Media
ISBN 13 : 3642021476
Total Pages : 179 pages
Book Rating : 4.6/5 (42 download)

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Book Synopsis Bubbles and Crashes in Experimental Asset Markets by : Stefan Palan

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.

Nonlinear Dynamics and Evolutionary Economics

Author : Richard Hollis Day
Publisher : Oxford University Press, USA
ISBN 13 :
Total Pages : 360 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Nonlinear Dynamics and Evolutionary Economics by : Richard Hollis Day

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.

Bubbles and Crashes in Experimental Asset Markets

Author : Stefan Palan
Publisher : Springer
ISBN 13 : 9783642021466
Total Pages : 171 pages
Book Rating : 4.0/5 (214 download)

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Book Synopsis Bubbles and Crashes in Experimental Asset Markets by : Stefan Palan

Download or read book Bubbles and Crashes in Experimental Asset Markets written by Stefan Palan and published by Springer. This book was released on 2010-02-04 with total page 171 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.

Speculation, Trading, and Bubbles

Author : José A. Scheinkman
Publisher : Columbia University Press
ISBN 13 : 0231537638
Total Pages : 137 pages
Book Rating : 4.2/5 (315 download)

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Book Synopsis Speculation, Trading, and Bubbles by : José A. Scheinkman

Download or read book Speculation, Trading, and Bubbles written by José A. Scheinkman and published by Columbia University Press. This book was released on 2014-07-08 with total page 137 pages. Available in PDF, EPUB and Kindle. Book excerpt: As long as there have been financial markets, there have been bubbles—those moments in which asset prices inflate far beyond their intrinsic value, often with ruinous results. Yet economists are slow to agree on the underlying forces behind these events. In this book José A. Scheinkman offers new insight into the mystery of bubbles. Noting some general characteristics of bubbles—such as the rise in trading volume and the coincidence between increases in supply and bubble implosions—Scheinkman offers a model, based on differences in beliefs among investors, that explains these observations. Other top economists also offer their own thoughts on the issue: Sanford J. Grossman and Patrick Bolton expand on Scheinkman's discussion by looking at factors that contribute to bubbles—such as excessive leverage, overconfidence, mania, and panic in speculative markets—and Kenneth J. Arrow and Joseph E. Stiglitz contextualize Scheinkman's findings.

Handbook of Experimental Finance

Author : Füllbrunn, Sascha
Publisher : Edward Elgar Publishing
ISBN 13 : 1800372337
Total Pages : 451 pages
Book Rating : 4.8/5 (3 download)

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Book Synopsis Handbook of Experimental Finance by : Füllbrunn, Sascha

Download or read book Handbook of Experimental Finance written by Füllbrunn, Sascha and published by Edward Elgar Publishing. This book was released on 2022-10-13 with total page 451 pages. Available in PDF, EPUB and Kindle. Book excerpt: With an in-depth overview of the past, present and future of the field, The Handbook of Experimental Finance provides a comprehensive analysis of the current topics, methodologies, findings, and breakthroughs in research conducted with the help of experimental finance methodology. Leading experts suggest innovative ways of designing, implementing, analyzing, and interpreting finance experiments.

Optimal Macroprudential Policy and Asset Price Bubbles

Author : Nina Biljanovska
Publisher : International Monetary Fund
ISBN 13 : 1513512668
Total Pages : 51 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis Optimal Macroprudential Policy and Asset Price Bubbles by : Nina Biljanovska

Download or read book Optimal Macroprudential Policy and Asset Price Bubbles written by Nina Biljanovska and published by International Monetary Fund. This book was released on 2019-08-30 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: An asset bubble relaxes collateral constraints and increases borrowing by credit-constrained agents. At the same time, as the bubble deflates when constraints start binding, it amplifies downturns. We show analytically and quantitatively that the macroprudential policy should optimally respond to building asset price bubbles non-monotonically depending on the underlying level of indebtedness. If the level of debt is moderate, policy should accommodate the bubble to reduce the incidence of a binding collateral constraint. If debt is elevated, policy should lean against the bubble more aggressively to mitigate the pecuniary externalities from a deflating bubble when constraints bind.

Rational Expectations and Efficiency in Futures Markets

Author : Barry Goss
Publisher : Routledge
ISBN 13 : 1134975201
Total Pages : 240 pages
Book Rating : 4.1/5 (349 download)

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Book Synopsis Rational Expectations and Efficiency in Futures Markets by : Barry Goss

Download or read book Rational Expectations and Efficiency in Futures Markets written by Barry Goss and published by Routledge. This book was released on 2005-10-09 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: Do traders in futures markets make use of all relevant information and is this reflected in prices? This collection of original essays by a team of international economists considers these and other questions central to futures markets.

Behavioral Finance

Author : Edwin T. Burton
Publisher : John Wiley & Sons
ISBN 13 : 111830019X
Total Pages : 261 pages
Book Rating : 4.1/5 (183 download)

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Book Synopsis Behavioral Finance by : Edwin T. Burton

Download or read book Behavioral Finance written by Edwin T. Burton and published by John Wiley & Sons. This book was released on 2013-03-18 with total page 261 pages. Available in PDF, EPUB and Kindle. Book excerpt: An in-depth look into the various aspects of behavioral finance Behavioral finance applies systematic analysis to ideas that have long floated around the world of trading and investing. Yet it is important to realize that we are still at a very early stage of research into this discipline and have much to learn. That is why Edwin Burton has written Behavioral Finance: Understanding the Social, Cognitive, and Economic Debates. Engaging and informative, this timely guide contains valuable insights into various issues surrounding behavioral finance. Topics addressed include noise trader theory and models, research into psychological behavior pioneered by Daniel Kahneman and Amos Tversky, and serial correlation patterns in stock price data. Along the way, Burton shares his own views on behavioral finance in order to shed some much-needed light on the subject. Discusses the Efficient Market Hypothesis (EMH) and its history, and presents the background of the emergence of behavioral finance Examines Shleifer's model of noise trading and explores other literature on the topic of noise trading Covers issues associated with anomalies and details serial correlation from the perspective of experts such as DeBondt and Thaler A companion Website contains supplementary material that allows you to learn in a hands-on fashion long after closing the book In order to achieve better investment results, we must first overcome our behavioral finance biases. This book will put you in a better position to do so.

Bubbles, Booms, and Busts

Author : Donald Rapp
Publisher : Springer
ISBN 13 : 1493910922
Total Pages : 374 pages
Book Rating : 4.4/5 (939 download)

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Book Synopsis Bubbles, Booms, and Busts by : Donald Rapp

Download or read book Bubbles, Booms, and Busts written by Donald Rapp and published by Springer. This book was released on 2014-11-14 with total page 374 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book deals at some length with the question: Since there are many more poor than rich, why don’t the poor just tax the rich heavily and reduce the inequality? In the 19th century and the first half of the 20th century, the topic of inequality was discussed widely. Ending or reducing inequality was a prime motivating factor in the emergence of communism and socialism. The book discusses why later in the 20th century, inequality has faded out as an issue. Extensive tables and graphs of data are presented showing the extent of inequality in America, as well as globally. It is shown that a combination of low taxes on capital gains contributed to a series of real estate and stock bubbles that provided great wealth to the top tiers, while real income for average workers stagnated. Improved commercial efficiency due to computers, electronics, the Internet and fast transport allowed production and distribution with fewer workers, just as the advent of electrification, mechanization, production lines, vehicles and trains in the 1920s and 1930s produced the same stagnating effect.

Handbook of Experimental Economics Results

Author : Charles R. Plott
Publisher : Elsevier
ISBN 13 : 0444826424
Total Pages : 1175 pages
Book Rating : 4.4/5 (448 download)

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Book Synopsis Handbook of Experimental Economics Results by : Charles R. Plott

Download or read book Handbook of Experimental Economics Results written by Charles R. Plott and published by Elsevier. This book was released on 2008-08-21 with total page 1175 pages. Available in PDF, EPUB and Kindle. Book excerpt: While the field of economics makes sharp distinctions and produces precise theory, the work of experimental economics sometimes appears blurred and may produce uncertain results. The contributors to this volume have provided brief notes describing specific experimental results.

Trading on Sentiment

Author : Richard L. Peterson
Publisher : John Wiley & Sons
ISBN 13 : 1119163749
Total Pages : 369 pages
Book Rating : 4.1/5 (191 download)

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Book Synopsis Trading on Sentiment by : Richard L. Peterson

Download or read book Trading on Sentiment written by Richard L. Peterson and published by John Wiley & Sons. This book was released on 2016-03-02 with total page 369 pages. Available in PDF, EPUB and Kindle. Book excerpt: In his debut book on trading psychology, Inside the Investor’s Brain, Richard Peterson demonstrated how managing emotions helps top investors outperform. Now, in Trading on Sentiment, he takes you inside the science of crowd psychology and demonstrates that not only do price patterns exist, but the most predictable ones are rooted in our shared human nature. Peterson’s team developed text analysis engines to mine data - topics, beliefs, and emotions - from social media. Based on that data, they put together a market-neutral social media-based hedge fund that beat the S&P 500 by more than twenty-four percent—through the 2008 financial crisis. In this groundbreaking guide, he shows you how they did it and why it worked. Applying algorithms to social media data opened up an unprecedented world of insight into the elusive patterns of investor sentiment driving repeating market moves. Inside, you gain a privileged look at the media content that moves investors, along with time-tested techniques to make the smart moves—even when it doesn’t feel right. This book digs underneath technicals and fundamentals to explain the primary mover of market prices - the global information flow and how investors react to it. It provides the expert guidance you need to develop a competitive edge, manage risk, and overcome our sometimes-flawed human nature. Learn how traders are using sentiment analysis and statistical tools to extract value from media data in order to: Foresee important price moves using an understanding of how investors process news. Make more profitable investment decisions by identifying when prices are trending, when trends are turning, and when sharp market moves are likely to reverse. Use media sentiment to improve value and momentum investing returns. Avoid the pitfalls of unique price patterns found in commodities, currencies, and during speculative bubbles Trading on Sentiment deepens your understanding of markets and supplies you with the tools and techniques to beat global markets— whether they’re going up, down, or sideways.

A Life of Experimental Economics, Volume II

Author : Vernon L. Smith
Publisher : Springer
ISBN 13 : 331998425X
Total Pages : 253 pages
Book Rating : 4.3/5 (199 download)

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Book Synopsis A Life of Experimental Economics, Volume II by : Vernon L. Smith

Download or read book A Life of Experimental Economics, Volume II written by Vernon L. Smith and published by Springer. This book was released on 2018-11-23 with total page 253 pages. Available in PDF, EPUB and Kindle. Book excerpt: This sequel to A Life of Experimental Economics, Volume I, continues the intimate history of Vernon Smith’s personal and professional maturation after a dozen years at Purdue. The scene now shifts to twenty-six transformative years at the University of Arizona, then to George Mason University, and his recognition by the Nobel Prize Committee in 2002. The book ends with his most recent decade at Chapman University. At Arizona Vernon and his students studied asset trading markets and learned how wrong it had been to suppose that price bubbles could not occur where markets were full-information transparent. Their work in computerization of the lab facilitated very complex supply and demand experiments in natural gas pipeline, communication and electricity markets that paved the way for implementing, through decentralized market processes, the liberalization of industries traditionally believed to be “natural” monopolies. The “Smart Computer Assisted Market” was born. Smith’s move to George Mason University greatly facilitated government and industry work in tandem with various public and private entities, whereas his relocation to Chapman University coincided with the Great Recession, whose similarity with the Depression was evident in his research. There he integrated two fundamental kinds of markets with laboratory experiments: Consumer non-durables, the supply and demand for which was stable in the lab and in the economy, and durable assets whose bubble tendencies made them unstable in the lab as well as in the economy—witness the great housing-mortgage market bubble run-up of 1997-2007. This book’s conversational style and emphasis on the backstory of published research accomplishments allows readers an exclusive peak into how and why economists pursue their work. It’s a must-read for those interested in experimental economics, the housing crisis, and economic history.

What Caused the Financial Crisis

Author : Jeffrey Friedman
Publisher : University of Pennsylvania Press
ISBN 13 : 081220493X
Total Pages : 372 pages
Book Rating : 4.8/5 (122 download)

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Book Synopsis What Caused the Financial Crisis by : Jeffrey Friedman

Download or read book What Caused the Financial Crisis written by Jeffrey Friedman and published by University of Pennsylvania Press. This book was released on 2011-06-06 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: The deflation of the subprime mortgage bubble in 2006-7 is widely agreed to have been the immediate cause of the collapse of the financial sector in 2008. Consequently, one might think that uncovering the origins of subprime lending would make the root causes of the crisis obvious. That is essentially where public debate about the causes of the crisis began—and ended—in the month following the bankruptcy of Lehman Brothers and the 502-point fall in the Dow Jones Industrial Average in mid-September 2008. However, the subprime housing bubble is just one piece of the puzzle. Asset bubbles inflate and burst frequently, but severe worldwide recessions are rare. What was different this time? In What Caused the Financial Crisis leading economists and scholars delve into the major causes of the worst financial collapse since the Great Depression and, together, present a comprehensive picture of the factors that led to it. One essay examines the role of government regulation in expanding home ownership through mortgage subsidies for impoverished borrowers, encouraging the subprime housing bubble. Another explores how banks were able to securitize mortgages by manipulating criteria used for bond ratings. How this led to inaccurate risk assessments that could not be covered by sufficient capital reserves mandated under the Basel accords is made clear in a third essay. Other essays identify monetary policy in the United States and Europe, corporate pay structures, credit-default swaps, banks' leverage, and financial deregulation as possible causes of the crisis. With contributions from Richard A. Posner, Vernon L. Smith, Joseph E. Stiglitz, and John B. Taylor, among others, What Caused the Financial Crisis provides a cogent, comprehensive, and credible explanation of why the crisis happened. It will be an essential resource for scholars and students of finance, economics, history, law, political science, and sociology, as well as others interested in the financial crisis and the nature of modern capitalism and regulation.

Experimental Economics

Author : Douglas D. Davis
Publisher : Princeton University Press
ISBN 13 : 0691233373
Total Pages : 586 pages
Book Rating : 4.6/5 (912 download)

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Book Synopsis Experimental Economics by : Douglas D. Davis

Download or read book Experimental Economics written by Douglas D. Davis and published by Princeton University Press. This book was released on 2021-07-13 with total page 586 pages. Available in PDF, EPUB and Kindle. Book excerpt: A small but increasing number of economists have begun to use laboratory experiments to evaluate economic propositions under carefully controlled conditions. Experimental Economics is the first comprehensive treatment of this rapidly growing area of research. While the book acknowledges that laboratory experiments are no panacea, it argues cogently for their effectiveness in selected situations. Covering methodological and procedural issues as well as theory, Experimental Economics is not only a textbook but also a useful introduction to laboratory methods for professional economists. Although the authors present some new material, their emphasis is on organizing and evaluating existing results. The book can be used as an anchoring device for a course at either the graduate or advanced undergraduate level. Applications include financial market experiments, oligopoly price competition, auctions, bargaining, provision of public goods, experimental games, and decision making under uncertainty. The book also contains instructions for a variety of laboratory experiments.

Asset Price Bubbles

Author : William Curt Hunter
Publisher : MIT Press
ISBN 13 : 9780262582537
Total Pages : 650 pages
Book Rating : 4.5/5 (825 download)

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Book Synopsis Asset Price Bubbles by : William Curt Hunter

Download or read book Asset Price Bubbles written by William Curt Hunter and published by MIT Press. This book was released on 2005 with total page 650 pages. Available in PDF, EPUB and Kindle. Book excerpt: A study of asset price bubbles and the implications for preventing financial instability.

After the Crash

Author : Orhan Erdem
Publisher : Springer Nature
ISBN 13 : 3030433439
Total Pages : 123 pages
Book Rating : 4.0/5 (34 download)

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Book Synopsis After the Crash by : Orhan Erdem

Download or read book After the Crash written by Orhan Erdem and published by Springer Nature. This book was released on 2020-04-04 with total page 123 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book seeks to diagnose and analyze the social, economic and technological consequences of the 2008 financial crisis, which brought epochal changes to our lives. First and foremost, a paradigm shift arose in economic theories that fail to predict or explain the crisis. On the governmental side, we have been observing a natural parallel between authoritarianism and the way many democratic countries are being governed. Liberalism seems to have failed. Driven by the anger over the crisis and its heavy burden, a variety of technological innovations were birthed and gained momentum. Bitcoin was a manifesto to the monetary system; sharing economy was a rebellion to the consumerist lifestyle; and subscriptions were a threat to ownership. This books ties each of these events to the 2008 crisis and explains the connection.

The Handbook of Experimental Economics

Author : John H. Kagel
Publisher : Princeton University Press
ISBN 13 : 0691213259
Total Pages : 742 pages
Book Rating : 4.6/5 (912 download)

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Book Synopsis The Handbook of Experimental Economics by : John H. Kagel

Download or read book The Handbook of Experimental Economics written by John H. Kagel and published by Princeton University Press. This book was released on 2020-05-05 with total page 742 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book, which comprises eight chapters, presents a comprehensive critical survey of the results and methods of laboratory experiments in economics. The first chapter provides an introduction to experimental economics as a whole, with the remaining chapters providing surveys by leading practitioners in areas of economics that have seen a concentration of experiments: public goods, coordination problems, bargaining, industrial organization, asset markets, auctions, and individual decision making. The work aims both to help specialists set an agenda for future research and to provide nonspecialists with a critical review of work completed to date. Its focus is on elucidating the role of experimental studies as a progressive research tool so that wherever possible, emphasis is on series of experiments that build on one another. The contributors to the volume--Colin Camerer, Charles A. Holt, John H. Kagel, John O. Ledyard, Jack Ochs, Alvin E. Roth, and Shyam Sunder--adopt a particular methodological point of view: the way to learn how to design and conduct experiments is to consider how good experiments grow organically out of the issues and hypotheses they are designed to investigate.