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Matthias Weber
Title
Prof. Dr.
Last Name
Weber
First name
Matthias
Email
matthias.weber@unisg.ch
Phone
+41 71 224 70 76
3 results
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PublicationExperience Does not Eliminate Bubbles: Experimental EvidenceWe study the role of investor experience in the formation of asset price bubbles.We conduct a call market experiment in which participants trade assets with each other and a learning-to-forecast experiment in which participants only forecast future prices (while trade based on these forecasts is computerized). Each experiment comprises three treatments varying the information that participants receive about the fundamental value. Each experimental market is repeated three times. Throughout, we observe sizable bubbles that persist despite participant experience. Our findings in the call market experiment contrast with those in the literature. Our findings in the learning-to-forecast experiment are novel.Type: journal articleJournal: The Review of Financial StudiesVolume: 34Issue: 9DOI: 10.1093/rfs/hhaa121
Scopus© Citations 15 -
PublicationInvestor experience and information do not discourage asset price bubbles( 2022-01-19)
;Kopányi-Peuker, AnitaType: newspaper articleJournal: LSE Business Review -
PublicationThe Role of the End Time in Experimental Asset Markets( 2021-07-19)
;Kopányi-Peuker, AnitaBy now there are hundreds of scientific articles on experimental asset markets. Almost all of these experiments use a short and definite horizon. This may be one of the starkest differences to financial asset markets outside the laboratory, which usually have indefinite and comparatively long horizons. We analyze the role of the end time in an asset market experiment in which we vary the length of the horizon and whether the end time is definite or indefinite. We find recurring bubbles and similar price dynamics in all treatments (with moderately lower prices in the treatments with a long horizon).Type: working paper