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Existence procesu učení na umělém akciovém trhu
[Existence of the learning process at a proxy stock market]


  • Evžen Kočenda
  • Jan Hanousek


Learning is a subject of intense research in economics. We present persuasive evidence that learning took place among uninformed heterogeneous agents during a large-scale naturally-occurring set of auctions. Empirical study employs a unique bidding data set of 5000 individual investors that placed their bids in the voucher scheme that in terms of size, incentives, and variation is one of the largest experiments ever conducted. To detect and quantify learning we develop new measures of individual performance during the bidding process on the artificial stock market where prices of goods vary over successive stages of bidding on the basis of supply and demand.

Suggested Citation

  • Evžen Kočenda & Jan Hanousek, 2007. "Existence procesu učení na umělém akciovém trhu
    [Existence of the learning process at a proxy stock market]
    ," Politická ekonomie, University of Economics, Prague, vol. 2007(3).
  • Handle: RePEc:prg:jnlpol:v:2007:y:2007:i:3:id:601

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    More about this item


    privatization; economic transformation; learning; natural experiment; naturally-occurring auction; proxy stock market; heterogeneous agents;

    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 - Economic Systems - - Other Economic Systems - - - Finance; Public Finance


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