Learning in Speculative Bubbles: An Experiment
Author
Abstract
Suggested Citation
Download full text from publisher
References listed on IDEAS
- Jack Ochs & John Duffy, 1999. "Emergence of Money as a Medium of Exchange: An Experimental Study," American Economic Review, American Economic Association, vol. 89(4), pages 847-877, September.
- Martin Dufwenberg & Tobias Lindqvist & Evan Moore, 2005. "Bubbles and Experience: An Experiment," American Economic Review, American Economic Association, vol. 95(5), pages 1731-1737, December.
- Markku Kaustia & Samuli Knüpfer, 2008. "Do Investors Overweight Personal Experience? Evidence from IPO Subscriptions," Journal of Finance, American Finance Association, vol. 63(6), pages 2679-2702, December.
- Cary Deck & David Porter & Vernon Smith, 2014.
"Double Bubbles in Assets Markets With Multiple Generations,"
Journal of Behavioral Finance, Taylor & Francis Journals, vol. 15(2), pages 79-88, April.
- Cary Deck & David Porter & Vernon L. Smith, 2011. "Double Bubbles in Assets Markets with Multiple Generations," Working Papers 11-10, Chapman University, Economic Science Institute.
- Duffy, John & Nagel, Rosemarie, 1997. "On the Robustness of Behaviour in Experimental "Beauty Contest" Games," Economic Journal, Royal Economic Society, vol. 107(445), pages 1684-1700, November.
- Barberis, Nicholas & Greenwood, Robin & Jin, Lawrence & Shleifer, Andrei, 2015.
"X-CAPM: An extrapolative capital asset pricing model,"
Journal of Financial Economics, Elsevier, vol. 115(1), pages 1-24.
- Nicholas Barberis & Robin Greenwood & Lawrence Jin & Andrei Shleifer, "undated". "X-CAPM: An Extrapolative Capital Asset Pricing Model," Working Paper 86521, Harvard University OpenScholar.
- Nicholas Barberis & Robin Greenwood & Lawrence Jin & Andrei Shleifer, 2013. "X-CAPM: An Extrapolative Capital Asset Pricing Model," NBER Working Papers 19189, National Bureau of Economic Research, Inc.
- Roth, Alvin E. & Erev, Ido, 1995. "Learning in extensive-form games: Experimental data and simple dynamic models in the intermediate term," Games and Economic Behavior, Elsevier, vol. 8(1), pages 164-212.
- John Duffy & M. Ünver, 2006. "Asset price bubbles and crashes with near-zero-intelligence traders," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 27(3), pages 537-563, April.
- Colin Camerer & Teck-Hua Ho, 1999. "Experience-weighted Attraction Learning in Normal Form Games," Econometrica, Econometric Society, vol. 67(4), pages 827-874, July.
- Sophie Moinas & Sebastien Pouget, 2013.
"The Bubble Game: An Experimental Study of Speculation,"
Econometrica, Econometric Society, vol. 81(4), pages 1507-1539, July.
- Sophie Moinas & Sébastien Pouget, 2013. "The Bubble Game: An Experimental Study of Speculation," Post-Print halshs-00862395, HAL.
- Ulrike Malmendier & Stefan Nagel, 2011.
"Depression Babies: Do Macroeconomic Experiences Affect Risk Taking?,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 126(1), pages 373-416.
- Ulrike Malmendier & Stefan Nagel, 2009. "Depression Babies: Do Macroeconomic Experiences Affect Risk-Taking?," NBER Working Papers 14813, National Bureau of Economic Research, Inc.
- Smith, Vernon L & Suchanek, Gerry L & Williams, Arlington W, 1988. "Bubbles, Crashes, and Endogenous Expectations in Experimental Spot Asset Markets," Econometrica, Econometric Society, vol. 56(5), pages 1119-1151, September.
- Milgrom, Paul & Roberts, John, 1991. "Adaptive and sophisticated learning in normal form games," Games and Economic Behavior, Elsevier, vol. 3(1), pages 82-100, February.
- Ulrike Malmendier & Stefan Nagel, 2016. "Learning from Inflation Experiences," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 131(1), pages 53-87.
- Duffy, John, 2001. "Learning to speculate: Experiments with artificial and real agents," Journal of Economic Dynamics and Control, Elsevier, vol. 25(3-4), pages 295-319, March.
- Reshmaan N. Hussam & David Porter & Vernon L. Smith, 2008. "Thar She Blows: Can Bubbles Be Rekindled with Experienced Subjects?," American Economic Review, American Economic Association, vol. 98(3), pages 924-937, June.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Huber, Christoph, 2019. "oTree: The bubble game," Journal of Behavioral and Experimental Finance, Elsevier, vol. 22(C), pages 3-6.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Hong, Jieying & Moinas, Sophie & Pouget, Sébastien, 2021. "Learning in speculative bubbles: Theory and experiment," Journal of Economic Behavior & Organization, Elsevier, vol. 185(C), pages 1-26.
- Duffy, John, 2006.
"Agent-Based Models and Human Subject Experiments,"
Handbook of Computational Economics, in: Leigh Tesfatsion & Kenneth L. Judd (ed.), Handbook of Computational Economics, edition 1, volume 2, chapter 19, pages 949-1011,
Elsevier.
- John Duffy, 2004. "Agent-Based Models and Human Subject Experiments," Computational Economics 0412001, University Library of Munich, Germany.
- Francisco Gomes & Michael Haliassos & Tarun Ramadorai, 2021.
"Household Finance,"
Journal of Economic Literature, American Economic Association, vol. 59(3), pages 919-1000, September.
- Haliassos, Michael & Gomes, Francisco, 2020. "Household Finance," CEPR Discussion Papers 14502, C.E.P.R. Discussion Papers.
- Gomes, Francisco J. & Haliassos, Michael & Ramadorai, Tarun, 2020. "Household finance," IMFS Working Paper Series 138, Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS).
- Dalton, Michael & Landry, Peter, 2020. "‘Overattention’ to first-hand experience in hiring decisions: Evidence from professional basketball," Journal of Economic Behavior & Organization, Elsevier, vol. 175(C), pages 98-113.
- Baghestanian, S. & Lugovskyy, V. & Puzzello, D., 2015. "Traders’ heterogeneity and bubble-crash patterns in experimental asset markets," Journal of Economic Behavior & Organization, Elsevier, vol. 117(C), pages 82-101.
- Baghestanian, Sascha & Walker, Todd B., 2015.
"Anchoring in experimental asset markets,"
Journal of Economic Behavior & Organization, Elsevier, vol. 116(C), pages 15-25.
- Baghestanian, Sascha & Walker, Todd B., 2015. "Anchoring in experimental asset markets," SAFE Working Paper Series 54, Leibniz Institute for Financial Research SAFE, revised 2015.
- Jürgen Huber & Michael Kirchler & Thomas Stöckl, 2016. "The influence of investment experience on market prices: laboratory evidence," Experimental Economics, Springer;Economic Science Association, vol. 19(2), pages 394-411, June.
- Uppal, Raman & Vilkov, Grigory & Buss, Adrian, 2015. "Where Experience Matters: Asset Allocation and Asset Pricing with Opaque and Illiquid Assets," CEPR Discussion Papers 10437, C.E.P.R. Discussion Papers.
- Balasubramaniam, Vimal & Anagol, Santosh, 2018. "Learning from Noise: Evidence from India’s IPO Lotteries," CEPR Discussion Papers 13314, C.E.P.R. Discussion Papers.
- Huan Xie & Jipeng Zhang, 2016.
"Bubbles and experience: An experiment with a steady inflow of new traders,"
Southern Economic Journal, John Wiley & Sons, vol. 82(4), pages 1349-1373, April.
- Huan Xie & Jipeng Zhang, 2012. "Bubbles and Experience: An Experiment with a Steady Inflow of New Traders," CIRANO Working Papers 2012s-01, CIRANO.
- Huan Xie & Jipeng Zhang, 2012. "Bubbles and Experience: An Experiment with a Steady Inflow of New Traders," Working Papers 12001, Concordia University, Department of Economics.
- Malmendier, Ulrike & Pouzo, Demian & Vanasco, Victoria, 2020.
"Investor experiences and international capital flows,"
Journal of International Economics, Elsevier, vol. 124(C).
- Ulrike Malmendier & Demian Pouzo & Victoria Vanasco, 2019. "Investor Experiences and International Capital Flows," NBER Chapters, in: NBER International Seminar on Macroeconomics 2019, National Bureau of Economic Research, Inc.
- Ulrike Malmendier & Demian Pouzo & Victoria Vanasco, 2019. "Investor experiences and international capital flows," Economics Working Papers 1710, Department of Economics and Business, Universitat Pompeu Fabra.
- Ulrike Malmendier & Demian Pouzo & Victoria Vanasco, 2020. "Investor Experiences and International Capital Flows," Papers 2001.07790, arXiv.org.
- Ulrike Malmendier & Demien Pouzo & Victoria Vanasco, 2019. "Investor Experiences and International Capital Flows," Working Papers 1163, Barcelona School of Economics.
- Eizo Akiyama & Nobuyuki Hanaki & Ryuchiro Ishikawa, 2012. "Effect of uncertainty about others’ rationality in experimental asset markets," AMSE Working Papers 1234, Aix-Marseille School of Economics, France.
- Cary Deck & Maroš Servátka & Steven Tucker, 2020.
"Designing Call Auction Institutions to Eliminate Price Bubbles: Is English Dutch the Best?,"
American Economic Review: Insights, American Economic Association, vol. 2(2), pages 225-236, June.
- Cary Deck & Maroš Servátka & Steven Tucker, 2019. "Designing Call Auction Institutions to Eliminate Price Bubbles: Is English Dutch the Best?," Working Papers 19-06, Chapman University, Economic Science Institute.
- Cary Deck & Maroš Servátka & Steven Tucker, 2019. "Designing Call Auction Institutions to Eliminate Price Bubbles: Is English Dutch the Best?," Working Papers in Economics 19/04, University of Waikato.
- Gao, Huasheng & Shi, Donghui & Zhao, Bin, 2021. "Does good luck make people overconfident? Evidence from a natural experiment in the stock market," Journal of Corporate Finance, Elsevier, vol. 68(C).
- Penalver, Adrian & Hanaki, Nobuyuki & Akiyama, Eizo & Funaki, Yukihiko & Ishikawa, Ryuichiro, 2020.
"A quantitative easing experiment,"
Journal of Economic Dynamics and Control, Elsevier, vol. 119(C).
- A. Penalver & N. Hanaki & E. Akiyama & Y. Funaki & R. Ishikawa, 2017. "A Quantitative Easing Experiment," Working papers 651, Banque de France.
- Adrian Penalver & Nobuyuki Hanaki & Eizo Akiyama & Yukihiko Funaki, 2020. "A quantitative easing experiment," ISER Discussion Paper 1094, Institute of Social and Economic Research, Osaka University.
- Adrian Penalver & Nobuyuki Hanaki & Eizo Akiyama & Yukihiko Funaki & Ryuichiro Ishikawa, 2018. "A Quantitative Easing Experiment," GREDEG Working Papers 2018-10, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.
- Malmendier, Ulrike & Pouzo, Demian & Vanasco, Victoria, 2020.
"Investor experiences and financial market dynamics,"
Journal of Financial Economics, Elsevier, vol. 136(3), pages 597-622.
- Ulrike Malmendier & Demian Pouzo & Victoria Vanasco, 2016. "Investor Experiences and Financial Market Dynamics," Papers 1612.09553, arXiv.org, revised Feb 2019.
- Ulrike Malmendier & Demian Pouzo & Victoria Vanasco, 2018. "Investor Experiences and Financial Market Dynamics," NBER Working Papers 24697, National Bureau of Economic Research, Inc.
- Eizo Akiyama & Nobuyuki Hanaki & Ryuichiro Ishikawa, 2017.
"It is Not Just Confusion! Strategic Uncertainty in An Experimental Asset Market,"
Economic Journal, Royal Economic Society, vol. 127(605), pages 563-580, October.
- Eizo Akiyama & Nobuyuki Hanaki & Ryuichiro Ishikawa, 2013. "It is Not Just Confusion! Strategic Uncertainty in an Experimental Asset Market," Working Papers halshs-00854513, HAL.
- Eizo Akiyama & Nobuyuki Hanaki & Ryuichiro Ishikawa, 2013. "It is Not Just Confusion! Strategic Uncertainty in an Experimental Asset Market," AMSE Working Papers 1340, Aix-Marseille School of Economics, France, revised 08 Aug 2013.
- Eizo Akiyama & Nobuyuki Hanaki & Ryuichiro Ishikawa, 2017. "It is Not Just Confusion! Strategic Uncertainty in an Experimental Asset Market," Post-Print halshs-01294917, HAL.
- Lefebvre, Germain & Nioche, Aurélien & Bourgeois-Gironde, Sacha & Palminteri, Stefano, 2018. "An Empirical Investigation of the Emergence of Money: Contrasting Temporal Difference and Opportunity Cost Reinforcement Learning," MPRA Paper 85586, University Library of Munich, Germany.
- Akiyama, Eizo & Hanaki, Nobuyuki & Ishikawa, Ryuichiro, 2014.
"How do experienced traders respond to inflows of inexperienced traders? An experimental analysis,"
Journal of Economic Dynamics and Control, Elsevier, vol. 45(C), pages 1-18.
- Eizo Akiyama & Nobuyuki Hanaki & Ryuichiro Ishikawa, 2013. "How Do Experienced Traders Respond to Inflows of Inexperienced Traders? An Experimental Analysis," Working Papers halshs-00920413, HAL.
- Eizo Akiyama & Nobuyuki Hanaki & Ryuichiro Ishikawa, 2014. "How do experienced traders respond to inflows of inexperienced traders? An experimental analysis," Post-Print hal-01463903, HAL.
- Eizo Akiyama & Nobuyuki Hanaki & Ryuichiro Ishikawa, 2013. "How Do Experienced Traders Respond to Inflows of Inexperienced Traders? An Experimental Analysis," AMSE Working Papers 1359, Aix-Marseille School of Economics, France, revised 18 Dec 2013.
- Tolhurst, Tor N., 2018. "A Model-Free Bubble Detection Method: Application to the World Market for Superstar Wines," 2018 Annual Meeting, August 5-7, Washington, D.C. 274387, Agricultural and Applied Economics Association.
More about this item
Keywords
financial markets; adaptive learning; speculation; bubbles;All these keywords.
NEP fields
This paper has been announced in the following NEP Reports:- NEP-EXP-2018-01-29 (Experimental Economics)
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:tse:wpaper:32373. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: the person in charge (email available below). General contact details of provider: https://edirc.repec.org/data/tsetofr.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.