Price patterns in experimental asset markets with long horizon

نتاج البحث: نشر في مجلةمقالةمراجعة النظراء


We investigate the generality of the bubble and crash price pattern observed in previous asset market experiments. The deviation of prices from fundamental values can be explained by either a failure of subjects to backward induct, a learning effect, or some other explanation. We conduct experiments with a longer horizon of 200 periods to find a possible reason for the timing of the crash. If the reason for the crash is the inability of subjects to backward induct, a long bubble should be observed. If, on the other hand, it is a learning effect, then the crash should occur after approximately 13 periods. Our results show that while prices generally deviate from fundamental values, price patterns are different than in the 15-period markets, featuring multiple bubbles and crashes.

اللغة الأصليةإنجليزيّة أمريكيّة
الصفحات (من إلى)20-28
عدد الصفحات9
دوريةJournal of Behavioral Finance
مستوى الصوت12
رقم الإصدار1
المعرِّفات الرقمية للأشياء
حالة النشرنُشِر - 1 ديسمبر 2011

All Science Journal Classification (ASJC) codes

  • !!Experimental and Cognitive Psychology
  • !!Finance


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