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dc.contributor.authorCheung, Stephen L.en
dc.contributor.authorPalan, Stefanen
dc.date.accessioned2009-12-08-
dc.date.accessioned2010-07-07T12:06:37Z-
dc.date.available2010-07-07T12:06:37Z-
dc.date.issued2009-
dc.identifier.piurn:nbn:de:101:1-200911041011en
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
dc.language.isoengen
dc.publisher|aInstitute for the Study of Labor (IZA) |cBonnen
dc.relation.ispartofseries|aIZA Discussion Papers |x4507en
dc.subject.jelC92en
dc.subject.jelD70en
dc.subject.jelG12en
dc.subject.ddc330en
dc.subject.keywordAsset market experimentsen
dc.subject.keywordprice bubblesen
dc.subject.keywordgroup decision-makingen
dc.subject.keywordgender composition of teamsen
dc.subject.stwBörsenspielen
dc.subject.stwBubblesen
dc.subject.stwBörsenkriseen
dc.subject.stwAnlageverhaltenen
dc.subject.stwGruppenentscheidungen
dc.subject.stwGeschlechten
dc.titleTwo heads are less bubbly than one: team decision-making in an experimental asset market-
dc.type|aWorking Paperen
dc.identifier.ppn614458722en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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