Price Bubbles in Laboratory Asset Markets with Constant Fundamental Values

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• 作者：Charles Noussair ; Stephane Robin and Bernard Ruffieux
• 关键词：asset market ; bubble ; experiment ; speculation
• 刊名：Experimental Economics
• 出版年：2001
• 出版时间：2001
• 年：2001
• 卷：4
• 期：1
• 页码：87-105
• 全文大小：640 KB
• 刊物类别：Business and Economics
• 刊物主题：Economics
  Economic Theory
  Methodology and the History of Economic Thought
  Microeconomics
  Public Finance and Economics
  Operation Research and Decision Theory
  
• 出版者：Springer Netherlands
• ISSN：1573-6938

文摘

We construct asset markets that are similar to those studied by Smith, Suchanek and Williams (Econometrica. 56, 1119–1151) in which bubbles and crashes tended to occur. The main difference between the markets studied here and those studied by Smith et al. is that in the markets studied here, the fundamental value of the asset is constant over the entire life of the asset. In four of the eight sessions reported here, we observe bubbles, which are prices considerably higher than fundamental values. The data suggest that the frequent payment of dividends is a major cause of bubble formation. The property that the fundamental value remains constant over the course of the trading horizon is not sufficient to eliminate the possibility of a bubble.