caa a22 4500 605489076 CHVBK 20210128100458.0 cr unu---uuuuu 210128e20150601xx s 000 0 eng 10.1007/s10683-014-9404-1 doi (NATIONALLICENCE)springer-10.1007/s10683-014-9404-1 Multi-period experimental asset markets with distinct fundamental value regimes [Elektronische Daten] [Thomas Stöckl, Jürgen Huber, Michael Kirchler] 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. Economic Science Association, 2014 Experimental finance nationallicence Asset market nationallicence Bubble nationallicence Market efficiency nationallicence Fundamental value nationallicence Stöckl Thomas Department of Banking and Finance, Innsbruck University School of Management, Universitätsstrasse 15, 6020, Innsbruck, Austria aut Huber Jürgen Department of Banking and Finance, Innsbruck University School of Management, Universitätsstrasse 15, 6020, Innsbruck, Austria aut Kirchler Michael Department of Banking and Finance, Innsbruck University School of Management, Universitätsstrasse 15, 6020, Innsbruck, Austria aut Experimental Economics Springer US; http://www.springer-ny.com 18/2(2015-06-01), 314-334 1386-4157 18:2<314 2015 18 10683 https://doi.org/10.1007/s10683-014-9404-1 text/html Onlinezugriff via DOI BK010053 XK010053 XK010000 Metadata rights reserved Springer special CC-BY-NC licence nationallicence 1 research-article jats NATIONALLICENCE NATIONALLICENCE NL-springer NATIONALLICENCE 856 40 https://doi.org/10.1007/s10683-014-9404-1 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Stöckl Thomas Department of Banking and Finance, Innsbruck University School of Management, Universitätsstrasse 15, 6020, Innsbruck, Austria aut NATIONALLICENCE 700 1- Huber Jürgen Department of Banking and Finance, Innsbruck University School of Management, Universitätsstrasse 15, 6020, Innsbruck, Austria aut NATIONALLICENCE 700 1- Kirchler Michael Department of Banking and Finance, Innsbruck University School of Management, Universitätsstrasse 15, 6020, Innsbruck, Austria aut NATIONALLICENCE 773 0- Experimental Economics Springer US; http://www.springer-ny.com 18/2(2015-06-01), 314-334 1386-4157 18:2<314 2015 18 10683