Multi-period experimental asset markets with distinct fundamental value regimes
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| 008 | 210128e20150601xx s 000 0 eng | ||
| 024 | 7 | 0 | |a 10.1007/s10683-014-9404-1 |2 doi |
| 035 | |a (NATIONALLICENCE)springer-10.1007/s10683-014-9404-1 | ||
| 245 | 0 | 0 | |a Multi-period experimental asset markets with distinct fundamental value regimes |h [Elektronische Daten] |c [Thomas Stöckl, Jürgen Huber, Michael Kirchler] |
| 520 | 3 | |a In this methodological study we analyze price adjustment processes in multi-period laboratory asset markets with five distinct fundamental value $$(\hbox {FV})$$ ( FV ) regimes in a unified framework. Minimizing the effect of between-treatment variations we run markets with deterministically decreasing, constant, randomly fluctuating and—as main innovation—markets with deterministically increasing $$\hbox {FV}$$ FV s. We find (i) efficient pricing in markets with constant $$\hbox {FV}$$ FV s, (ii) overvaluation in markets with decreasing $$\hbox {FV}$$ FV s, and (iii) undervaluation in markets with increasing $$\hbox {FV}$$ FV s. (iv) Markets with randomly fluctuating fundamentals show overvaluation when $$\hbox {FV}$$ FV s predominantly decline and undervaluation when $$\hbox {FV}$$ FV s are mostly upward-sloping. Finally, we document that (v) bid-ask spreads and volatility of price changes are positively correlated with mispricing across regimes. The main contribution of the paper is to provide clean comparisons between distinct $$\hbox {FV}$$ FV regimes, in particular between markets with increasing $$\hbox {FV}$$ FV s and other regimes. | |
| 540 | |a Economic Science Association, 2014 | ||
| 690 | 7 | |a Experimental finance |2 nationallicence | |
| 690 | 7 | |a Asset market |2 nationallicence | |
| 690 | 7 | |a Bubble |2 nationallicence | |
| 690 | 7 | |a Market efficiency |2 nationallicence | |
| 690 | 7 | |a Fundamental value |2 nationallicence | |
| 700 | 1 | |a Stöckl |D Thomas |u Department of Banking and Finance, Innsbruck University School of Management, Universitätsstrasse 15, 6020, Innsbruck, Austria |4 aut | |
| 700 | 1 | |a Huber |D Jürgen |u Department of Banking and Finance, Innsbruck University School of Management, Universitätsstrasse 15, 6020, Innsbruck, Austria |4 aut | |
| 700 | 1 | |a Kirchler |D Michael |u Department of Banking and Finance, Innsbruck University School of Management, Universitätsstrasse 15, 6020, Innsbruck, Austria |4 aut | |
| 773 | 0 | |t Experimental Economics |d Springer US; http://www.springer-ny.com |g 18/2(2015-06-01), 314-334 |x 1386-4157 |q 18:2<314 |1 2015 |2 18 |o 10683 | |
| 856 | 4 | 0 | |u https://doi.org/10.1007/s10683-014-9404-1 |q text/html |z Onlinezugriff via DOI |
| 898 | |a BK010053 |b XK010053 |c XK010000 | ||
| 900 | 7 | |a Metadata rights reserved |b Springer special CC-BY-NC licence |2 nationallicence | |
| 908 | |D 1 |a research-article |2 jats | ||
| 949 | |B NATIONALLICENCE |F NATIONALLICENCE |b NL-springer | ||
| 950 | |B NATIONALLICENCE |P 856 |E 40 |u https://doi.org/10.1007/s10683-014-9404-1 |q text/html |z Onlinezugriff via DOI | ||
| 950 | |B NATIONALLICENCE |P 700 |E 1- |a Stöckl |D Thomas |u Department of Banking and Finance, Innsbruck University School of Management, Universitätsstrasse 15, 6020, Innsbruck, Austria |4 aut | ||
| 950 | |B NATIONALLICENCE |P 700 |E 1- |a Huber |D Jürgen |u Department of Banking and Finance, Innsbruck University School of Management, Universitätsstrasse 15, 6020, Innsbruck, Austria |4 aut | ||
| 950 | |B NATIONALLICENCE |P 700 |E 1- |a Kirchler |D Michael |u Department of Banking and Finance, Innsbruck University School of Management, Universitätsstrasse 15, 6020, Innsbruck, Austria |4 aut | ||
| 950 | |B NATIONALLICENCE |P 773 |E 0- |t Experimental Economics |d Springer US; http://www.springer-ny.com |g 18/2(2015-06-01), 314-334 |x 1386-4157 |q 18:2<314 |1 2015 |2 18 |o 10683 | ||