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Experimental asset markets: A survey of recent developments

Author

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  • Powell, Owen
  • Shestakova, Natalia

Abstract

We review the latest research on experimental asset markets, where the values of the traded assets are homogeneous across all agents. Such markets have been shown to be prone to substantial mispricing, frequently in the form of a bubble-and-crash pattern. This calls into question the efficiency of such markets. The studies reviewed in this survey consider how market efficiency is affected by the structure of the market, the properties of the traded assets and the characteristics of traders.

Suggested Citation

  • Powell, Owen & Shestakova, Natalia, 2016. "Experimental asset markets: A survey of recent developments," Journal of Behavioral and Experimental Finance, Elsevier, vol. 12(C), pages 14-22.
    • Handle: RePEc:eee:beexfi:v:12:y:2016:i:c:p:14-22
    DOI: 10.1016/j.jbef.2016.08.003
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    More about this item

    Keywords

    Asset markets; Survey; Experimental finance;
    All these keywords.

    JEL classification:

    • C92 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Group Behavior
    • D49 - Microeconomics - - Market Structure, Pricing, and Design - - - Other
    • D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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