Bubbles and Anti-Crashes in Laboratory Asset Markets with Constant Fundamental Values
AbstractWe construct asset markets, that are similar to those studied by Smith, Suchanek and Willians (1988), in which bubbles and crashes tended to occur. The main difference between the markets studied here and those studied by Smith et al. are that in the markets studied here, the fundamental values is constant over time. In our data we observe bubbles, which are sometimes at prices lower and sometimes at prices higher than fundamental values. Anti-crashes, which are rapid, sudden, large increases in prices toward fundamental values are observed.
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Bibliographic InfoPaper provided by Purdue University, Department of Economics in its series Purdue University Economics Working Papers with number 1119.
Length: 35 pages
Date of creation: Nov 1998
Date of revision:
FINANCIAL MARKET ; BUSINESS CYCLES ; PRICES;
Find related papers by JEL classification:
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
- G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
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