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dc.contributor.authorCheung, Stephen L.en_US
dc.contributor.authorPalan, Stefanen_US
dc.date.accessioned2009-12-08en_US
dc.date.accessioned2010-07-07T12:06:37Z-
dc.date.available2010-07-07T12:06:37Z-
dc.date.issued2009en_US
dc.identifier.piurn:nbn:de:101:1-200911041011en_US
dc.identifier.urihttp://hdl.handle.net/10419/36180-
dc.description.abstractWe study the effect of team decision-making on bubbles and crashes in experimental asset markets of the kind introduced by Smith, Suchanek and Williams (1988). We find that populating such markets with teams of size two instead of individuals significantly reduces the severity of mispricing. In particular we observe that under our teams treatment, deviations in prices away from intrinsic value are significantly smaller in magnitude, shorter in duration and associated with lower volume and price volatility. We also find an unexpected gender effect in team composition, manifesting itself in more extreme - though not consistently more profitable - behaviour by all-male teams. Since these effects are not observed among male participants generally, we conjecture that they may be due to factors specific to the psychology of decision-making in male-dominated environments.en_US
dc.language.isoengen_US
dc.publisherIZA Bonnen_US
dc.relation.ispartofseriesIZA Discussion Papers 4507en_US
dc.subject.jelC92en_US
dc.subject.jelD70en_US
dc.subject.jelG12en_US
dc.subject.ddc330en_US
dc.subject.keywordAsset market experimentsen_US
dc.subject.keywordprice bubblesen_US
dc.subject.keywordgroup decision-makingen_US
dc.subject.keywordgender composition of teamsen_US
dc.subject.stwBörsenspielen_US
dc.subject.stwBubblesen_US
dc.subject.stwBörsenkriseen_US
dc.subject.stwAnlageverhaltenen_US
dc.subject.stwGruppenentscheidungen_US
dc.subject.stwGeschlechten_US
dc.titleTwo heads are less bubbly than one: team decision-making in an experimental asset marketen_US
dc.typeWorking Paperen_US
dc.identifier.ppn614458722en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA)

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