Konferenzbeitrag
Informational Asymmetries in Laboratory Asset Markets with State Dependent Fundamentals
We investigate the formation of market prices in a new experimental setting involving multi-period asset markets with state-dependent fundamentals. We are particularly interested in two informational aspects: (1) the role of traders who are informed about the true state and (2) the provision of Bayesian updates of the assets state-dependent fundamental value (BFVs) to all traders. We find that bubbles are a rare phenomenon in all our treatments. Markets with asymmetrically informed traders converge faster toward the fundamentals of the underlying state and exhibit smaller price deviations from fundamentals, suggesting higher efficiency of markets with asymmetrically informed traders. The provision of BFVs has little to no effect. Behavior of informed and uninformed traders differs at the beginning but converges during the course of the markets. On average offers of uninformed traders are lower (higher) than offers of informed traders in the good ( bad ) state resulting in that uninformed traders hold less (more) assets in good ( bad ) state markets compared to informed traders. Informed traders earn superior profits.
- Sprache
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Englisch
- Erschienen in
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Series: Beiträge zur Jahrestagung des Vereins für Socialpolitik 2014: Evidenzbasierte Wirtschaftspolitik - Session: Experimental Economics III ; No. C09-V1
- Klassifikation
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Wirtschaft
Design of Experiments: Laboratory, Group Behavior
General Equilibrium and Disequilibrium: Financial Markets
Asymmetric and Private Information; Mechanism Design
- Ereignis
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Geistige Schöpfung
- (wer)
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Markstädter, Andreas
Keser, Claudia
- Ereignis
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Veröffentlichung
- (wer)
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft
- (wo)
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Kiel und Hamburg
- (wann)
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2014
- Handle
- Letzte Aktualisierung
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10.03.2025, 11:44 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Konferenzbeitrag
Beteiligte
- Markstädter, Andreas
- Keser, Claudia
- ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft
Entstanden
- 2014