Bubbles and Anti-Crashes in Laboratory Asset Markets with Constant Fundamental Values
We 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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