Weiterempfehlen

Bookmark and Share


Expectations and Bubbles in Asset Pricing Experiments

[Zeitschriftenartikel]

Hommes, Cars; Sonnemans, Joep; Tuinstra, Jan; Velden, Henk van de

Zitationshinweis

Bitte beziehen Sie sich beim Zitieren dieses Dokumentes immer auf folgenden Persistent Identifier (PID):http://nbn-resolving.de/urn:nbn:de:0168-ssoar-253825

Weitere Angaben:
Abstract We present results on expectation formation in a controlled experimental environment. In each period subjects are asked to predict the next price of a risky asset. The realized market price is derived from an unknown market equilibrium equation with feedback from individual forecasts. In most experiments prices deviate from the benchmark fundamental and bubbles emerge endogenously. These bubbles are inconsistent with rational expectations and seem to be driven by trend chasing behavior or “positive feedback expectations” of the participants. We also analyze individual predictions of participants and find that participants within a group tend to coordinate on a common prediction strategy.
Klassifikation Volkswirtschaftstheorie; Wirtschaftsstatistik, Ökonometrie, Wirtschaftsinformatik
Freie Schlagwörter Experimental economics; Expectations; Asset pricing; Speculative bubbles
Sprache Dokument Englisch
Publikationsjahr 2008
Seitenangabe S. 116-133
Zeitschriftentitel Journal of Economic Behavior & Organization, 67 (2008) 1
DOI http://dx.doi.org/10.1016/j.jebo.2007.06.006
Status Postprint; begutachtet (peer reviewed)
Lizenz PEER Licence Agreement (applicable only to documents from PEER project)
top