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Erscheinungsjahr: 
2011
Schriftenreihe/Nr.: 
Working Papers in Economics and Statistics No. 2011-08
Verlag: 
University of Innsbruck, Research Platform Empirical and Experimental Economics (eeecon), Innsbruck
Zusammenfassung: 
To explore why bubbles frequently emerge in the experimental asset market model of Smith, Suchanek and Williams (1988), we vary the fundamental value process (constant or declining) and the cash-to-asset value-ratio (constant or increasing). We observe high mispricing in treatments with a declining fundamental value, while overvaluation emerges when coupled with an increasing C/A-ratio. A questionnaire reveals that the declining fundamental value process confuses subjects, as they expect the fundamental value to stay constant.Running the experiment with a different context (stocks of a depletable gold mine instead of stocks) significantly reduces mispricing and overvaluation as it reduces confusion.
Schlagwörter: 
Experimental economics
asset market
bubble
market efficiency
confusion
JEL: 
C91
D03
Dokumentart: 
Working Paper

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