Arbeitspapier
No-trade in the laboratory
We test the no-trade theorem in a laboratory financial market where subjects can trade an asset whose value is unknown. Subjects receive clues on the asset value and then set a bid and an ask at which they are willing to buy or to sell from the other participants. In treatments with no gains from trade, theory predicts no trading activity, whereas, in treatments with gains, trade becomes theoretically possible. Our experimental results show that subjects fail to reach the no-trade equilibrium by pure introspection, but they learn to approach it over time, through market feedback and learning.
- Sprache
-
Englisch
- Erschienen in
-
Series: CESifo Working Paper ; No. 2436
- Klassifikation
-
Wirtschaft
Design of Experiments: Laboratory, Group Behavior
Asset Pricing; Trading Volume; Bond Interest Rates
Information and Market Efficiency; Event Studies; Insider Trading
- Thema
-
No-trade theorem
experiment
Wertpapierhandel
Tausch
Börsenspiel
Test
Lernprozess
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Angrisani, Marco
Guarino, Antonio
Huck, Steffen
Larson, Nathan
- Ereignis
-
Veröffentlichung
- (wer)
-
Center for Economic Studies and ifo Institute (CESifo)
- (wo)
-
Munich
- (wann)
-
2008
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:45 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Angrisani, Marco
- Guarino, Antonio
- Huck, Steffen
- Larson, Nathan
- Center for Economic Studies and ifo Institute (CESifo)
Entstanden
- 2008
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