Do experimental asset market results replicate? High-powered preregistered replications of 17 key results

Abstract

We attempt to replicate 17 key results from four prominent experimental asset market studies, collecting new data from 166 markets with 1,544 participants. Only 3 of the 14 original results were successfully replicated. We fail to replicate findings on emotions, self-control, and gender differences in bubble formation but confirm that experience reduces bubbles and cognitive skills explain trading success.