Journal article | Zeitschriftenartikel
Expectations and Bubbles in Asset Pricing Experiments
We present results on expectation formation in a controlled experimental environment. In each period subjects are asked to predict the next price of a risky asset. The realized market price is derived from an unknown market equilibrium equation with feedback from individual forecasts. In most experiments prices deviate from the benchmark fundamental and bubbles emerge endogenously. These bubbles are inconsistent with rational expectations and seem to be driven by trend chasing behavior or “positive feedback expectations” of the participants. We also analyze individual predictions of participants and find that participants within a group tend to coordinate on a common prediction strategy.
- Umfang
-
Seite(n): 116-133
- Sprache
-
Englisch
- Anmerkungen
-
Status: Postprint; begutachtet (peer reviewed)
- Erschienen in
-
Journal of Economic Behavior & Organization, 67(1)
- Thema
-
Wirtschaft
Wirtschaftsstatistik, Ökonometrie, Wirtschaftsinformatik
Volkswirtschaftstheorie
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Hommes, Cars
Sonnemans, Joep
Tuinstra, Jan
Velden, Henk van de
- Ereignis
-
Veröffentlichung
- (wo)
-
Vereinigtes Königreich
- (wann)
-
2008
- DOI
- URN
-
urn:nbn:de:0168-ssoar-253825
- Rechteinformation
-
GESIS - Leibniz-Institut für Sozialwissenschaften. Bibliothek Köln
- Letzte Aktualisierung
-
21.06.2024, 16:26 MESZ
Datenpartner
GESIS - Leibniz-Institut für Sozialwissenschaften. Bibliothek Köln. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Zeitschriftenartikel
Beteiligte
- Hommes, Cars
- Sonnemans, Joep
- Tuinstra, Jan
- Velden, Henk van de
Entstanden
- 2008
Ähnliche Objekte (12)
Expectations and Bubbles in Asset Pricing Experiments
Expectations structure in asset pricing experiments
Coordination of Expectations in Asset Pricing Experiments
Asset Bubbles without Dividends - An Experiment
Asset Bubbles without Dividends - An Experiment
Asset bubbles without dividends : an experiment
Higher Order Expectations in Asset Pricing
Dynamic asset pricing models with nonparametric expectations
Does volatility matter? Expectations of price return and variability in an asset pricing experiment
Asset pricing
Mental capabilities, trading styles, and asset market bubbles: Theory and experiment
Bubbles, crashes and information contagion in large-group asset market experiments
Expectations and Bubbles in Asset Pricing Experiments
Expectations structure in asset pricing experiments
Coordination of Expectations in Asset Pricing Experiments
Asset Bubbles without Dividends - An Experiment
Asset Bubbles without Dividends - An Experiment
Asset bubbles without dividends : an experiment
Higher Order Expectations in Asset Pricing
Dynamic asset pricing models with nonparametric expectations
Does volatility matter? Expectations of price return and variability in an asset pricing experiment
Asset pricing
Mental capabilities, trading styles, and asset market bubbles: Theory and experiment
Bubbles, crashes and information contagion in large-group asset market experiments
Expectations and Bubbles in Asset Pricing Experiments
Expectations structure in asset pricing experiments
Coordination of Expectations in Asset Pricing Experiments
Asset Bubbles without Dividends - An Experiment
Asset Bubbles without Dividends - An Experiment
Asset bubbles without dividends : an experiment
Higher Order Expectations in Asset Pricing
Dynamic asset pricing models with nonparametric expectations
Does volatility matter? Expectations of price return and variability in an asset pricing experiment
Asset pricing
Mental capabilities, trading styles, and asset market bubbles: Theory and experiment