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The role of the end time in experimental asset markets

Author

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  • Kopányi-Peuker, Anita
  • Weber, Matthias

Abstract

There are hundreds of scientific articles on experimental asset markets. Almost all of them use a short and definite horizon. This may be one of the starkest differences between experimental settings and real-world financial markets, which usually have indefinite and comparatively long horizons. We analyze the implications of different end time assumptions in an asset market experiment in which we vary the length of the horizon and whether the end time is definite or indefinite. We find very similar price dynamics with recurring bubbles in all treatments.

Suggested Citation

  • Kopányi-Peuker, Anita & Weber, Matthias, 2024. "The role of the end time in experimental asset markets," Journal of Corporate Finance, Elsevier, vol. 88(C).
    • Handle: RePEc:eee:corfin:v:88:y:2024:i:c:s0929119924001093
    DOI: 10.1016/j.jcorpfin.2024.102647
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    Cited by:

    1. John Duffy & Janet Hua Jiang & Huan Xie, 2021. "Pricing Indefinitely Lived Assets: Experimental Evidence," CIRANO Working Papers 2021s-32, CIRANO.

    More about this item

    Keywords

    Experimental finance; Asset market experiments; Time horizon; Indefinite end time; Bubbles;
    All these keywords.

    JEL classification:

    • C92 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Group Behavior
    • G40 - Financial Economics - - Behavioral Finance - - - General
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets
    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General

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