Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/185736
Authors: 
Ngangoue, M. Kathleen
Weizsäcker, Georg
Year of Publication: 
2018
Series/Report no.: 
Discussion Paper 66
Abstract: 
Our experiments investigate the extent to which traders learn from the price, differentiating between situations where orders are submitted before versus after the price has realized. In simultaneous markets with bids that are conditional on the price, traders neglect the information conveyed by the hypothetical value of the price. In sequential markets where the price is known prior to the bid submission, traders react to price to an extent that is roughly consistent with the benchmark theory. The difference\'s robustness to a number of variations provides insights about the drivers of this effect.
JEL: 
D82
D81
C91
Document Type: 
Working Paper

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