Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/208061 
Erscheinungsjahr: 
2019
Schriftenreihe/Nr.: 
Discussion Paper No. 161
Verlag: 
Ludwig-Maximilians-Universität München und Humboldt-Universität zu Berlin, Collaborative Research Center Transregio 190 - Rationality and Competition, München und Berlin
Zusammenfassung: 
Overconfidence is one of the most important biases in financial markets and commonly associated with excessive trading and asset market bubbles. So far, most of the finance literature takes overconfidence as a given, "static" personality trait. In this paper we introduce a novel experimental design which allows us to track different measures of overconfidence during an asset market bubble. The results show that overconfidence co-moves with asset prices and points towards a feedback loop in which overconfidence adds fuel to the flame of existing bubbles.
Schlagwörter: 
overconfidence
experiment
asset markets
JEL: 
C91
D84
G11
G41
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
621.82 kB





Publikationen in EconStor sind urheberrechtlich geschützt.