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Non-Speculative Bubbles in Experimental Asset Markets: Lack of Common Knowledge of Rationality Vs. Actual Irrationality

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Author Info
Lei, V.
Noussair, C.
Plott, C.R.

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Abstract

We report the results of an experiment designed to study the role of speculation in the formation of bubbles and crashes in laboratory asset markets. In a setting in which speculation is not possible, bubbles and crashes are observed. The results suggest that the departures from fundamental values are not caused by the lack of common knowledge of rationality leading to speculation, but rather by behavior that itself exhibits elements of rationality.

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Publisher Info
Paper provided by Purdue University, Department of Economics in its series Purdue University Economics Working Papers with number 1120.

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Length: 32 pages
Date of creation: Nov 1998
Date of revision:
Handle: RePEc:pur:prukra:1120

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Related research
Keywords: EXPERIMENTS ; FINANCIAL MARKET ; BUSINESS CYCLES;

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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
C90 - Mathematical and Quantitative Methods - - Design of Experiments - - - General

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This page was last updated on 2009-11-28.

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