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Learning by investing

Author

Listed:
  • Jan Hanousek
  • Evžen Kočenda

Abstract

Learning is a subject of intense research in experimental economics. We contribute to this debate by presenting persuasive evidence that learning took place among uninformed heterogeneous agents on a quasi-stock market during a large-scale natural experiment that by size, incentives, and variation belongs among the largest experiments ever conducted. To detect and quantify learning we develop new measures of individual performance during the bidding process when prices of goods vary over succeeding stages of bidding.
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Suggested Citation

  • Jan Hanousek & Evžen Kočenda, 2011. "Learning by investing," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 19(1), pages 125-149, January.
    • Handle: RePEc:bla:etrans:v:19:y:2011:i:1:p:125-149
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    Cited by:

    1. Lauren Kennedy, 2021. "Statistics Using R: An Integrative Approach," The Economic Record, The Economic Society of Australia, vol. 97(317), pages 317-318, June.

    More about this item

    JEL classification:

    • C14 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Semiparametric and Nonparametric Methods: General
    • C93 - Mathematical and Quantitative Methods - - Design of Experiments - - - Field Experiments
    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • P43 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Finance; Public Finance

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