메뉴 건너뛰기




Volumn 97, Issue 5, 2007, Pages 1901-1920

Traders' expectations in asset markets: Experimental evidence

Author keywords

[No Author keywords available]

Indexed keywords


EID: 38049178223     PISSN: 00028282     EISSN: None     Source Type: Journal    
DOI: 10.1257/aer.97.5.1901     Document Type: Article
Times cited : (251)

References (40)
  • 3
    • 17544383711 scopus 로고    scopus 로고
    • Investor Sentiment and Asset Valuation
    • Brown, Gregory W., and Michael T. Cliff. 2005. "Investor Sentiment and Asset Valuation." Journal of Business, 78(2): 405-40.
    • (2005) Journal of Business , vol.78 , Issue.2 , pp. 405-440
    • Brown, G.W.1    Cliff, M.T.2
  • 5
    • 0002373493 scopus 로고
    • The Monetary Dynamics of Hyperinflation
    • ed. M. Friedman, Chicago: University of Chicago Press
    • Cagan, Phillip. 1956. "The Monetary Dynamics of Hyperinflation." In Studies in the Quantity Theory of Money, ed. M. Friedman, 25-117. Chicago: University of Chicago Press.
    • (1956) Studies in the Quantity Theory of Money , pp. 25-117
    • Cagan, P.1
  • 6
    • 0008545587 scopus 로고    scopus 로고
    • Overreactions, Momentum, Liquidity and Price Bubbles in Laboratory and Field Asset Markets
    • Caginalp, Gunduz, David P. Porter, and Vernon L. Smith. 2000. "Overreactions, Momentum, Liquidity and Price Bubbles in Laboratory and Field Asset Markets." The Journal of Psychology and Financial Markets, 1(1): 24-28.
    • (2000) The Journal of Psychology and Financial Markets , vol.1 , Issue.1 , pp. 24-28
    • Caginalp, G.1    Porter, D.P.2    Smith, V.L.3
  • 7
    • 18644365144 scopus 로고    scopus 로고
    • Experience- Weighted Attraction Learning in Normal Form Games
    • Camerer, Colin F., and Teck-Hua Ho. 1999. "Experience- Weighted Attraction Learning in Normal Form Games." Econometrica, 67(4): 827-74.
    • (1999) Econometrica , vol.67 , Issue.4 , pp. 827-874
    • Camerer, C.F.1    Ho, T.2
  • 8
    • 0000866795 scopus 로고    scopus 로고
    • Price Formation in Single Call Markets
    • Cason, Timothy N., and Daniel Friedman. 1997. "Price Formation in Single Call Markets." Econometrica, 65(2): 311-45.
    • (1997) Econometrica , vol.65 , Issue.2 , pp. 311-345
    • Cason, T.N.1    Friedman, D.2
  • 10
    • 0002358115 scopus 로고    scopus 로고
    • Individual Learning in Normal Form Games: Some Laboratory Results
    • Cheung, Yin-Wong and Daniel Friedman. 1997. "Individual Learning in Normal Form Games: Some Laboratory Results." Games and Economic Behavior, 19(1): 46-76.
    • (1997) Games and Economic Behavior , vol.19 , Issue.1 , pp. 46-76
    • Cheung, Y.1    Friedman, D.2
  • 11
    • 0001939658 scopus 로고
    • Adaptive Dynamics in Coordination Games
    • Crawford, Vincent P. 1995. "Adaptive Dynamics in Coordination Games." Econometrica, 63(1): 103-43.
    • (1995) Econometrica , vol.63 , Issue.1 , pp. 103-143
    • Crawford, V.P.1
  • 14
    • 84972074627 scopus 로고
    • Privileged Traders and Asset Market Efficiency: A Laboratory Study
    • Friedman, Daniel. 1993. "Privileged Traders and Asset Market Efficiency: A Laboratory Study." Journal of Financial and Quantitative Analysis, 28(4): 515-34.
    • (1993) Journal of Financial and Quantitative Analysis , vol.28 , Issue.4 , pp. 515-534
    • Friedman, D.1
  • 15
    • 34248161108 scopus 로고    scopus 로고
    • z-Tree: Zurich Toolbox for Ready-made Economic Experiments
    • Fischbacher, Urs. 2007. "z-Tree: Zurich Toolbox for Ready-made Economic Experiments." Experimental Economics, 10(2): 171-78.
    • (2007) Experimental Economics , vol.10 , Issue.2 , pp. 171-178
    • Fischbacher, U.1
  • 16
    • 0344926002 scopus 로고    scopus 로고
    • Investor Sentiment and Stock Returns
    • Fisher, Kenneth L., and Meir Statman. 2000. "Investor Sentiment and Stock Returns." Financial Analysts Journal, 56(2): 16-23.
    • (2000) Financial Analysts Journal , vol.56 , Issue.2 , pp. 16-23
    • Fisher, K.L.1    Statman, M.2
  • 17
    • 84972074627 scopus 로고
    • Privileged Traders and Asset Market Efficiency: A Laboratory Study
    • Friedman, Daniel. 1993. "Privileged Traders and Asset Market Efficiency: A Laboratory Study." Journal of Financial and Quantitative Analysis, 28(4): 515-34.
    • (1993) Journal of Financial and Quantitative Analysis , vol.28 , Issue.4 , pp. 515-534
    • Friedman, D.1
  • 19
    • 0000086971 scopus 로고    scopus 로고
    • Trade and Revelation of Information through Prices and Direct Disclosures
    • Grundy, Bruce D., and Maureen McNichols. 1998. "Trade and Revelation of Information through Prices and Direct Disclosures." Review of Financial Studies, 2(4): 495-526.
    • (1998) Review of Financial Studies , vol.2 , Issue.4 , pp. 495-526
    • Grundy, B.D.1    McNichols, M.2
  • 20
    • 38049170441 scopus 로고    scopus 로고
    • Predictions, Behavior and Biases in Experimental Asset Markets
    • Unpublished
    • Haruvy, Ernan, and Charles N. Noussair. 2005. "Predictions, Behavior and Biases in Experimental Asset Markets." Unpublished.
    • (2005)
    • Haruvy, E.1    Noussair, C.N.2
  • 21
    • 33745686518 scopus 로고    scopus 로고
    • The Effect of Short Selling on Bubbles and Crashes in Experimental Spot Asset Markets
    • Haruvy, Ernan, and Charles N. Noussair. 2006. "The Effect of Short Selling on Bubbles and Crashes in Experimental Spot Asset Markets." Journal of Finance, 61(3): 1119-57.
    • (2006) Journal of Finance , vol.61 , Issue.3 , pp. 1119-1157
    • Haruvy, E.1    Noussair, C.N.2
  • 22
    • 21844507502 scopus 로고
    • Differential Information and Dynamic Behavior of Stock Trading Volume
    • He, Hua, and Jiang Wang. 1995. "Differential Information and Dynamic Behavior of Stock Trading Volume." Review of Financial Studies, 8(4): 919-72.
    • (1995) Review of Financial Studies , vol.8 , Issue.4 , pp. 919-972
    • He, H.1    Wang, J.2
  • 23
    • 26944440773 scopus 로고    scopus 로고
    • Price Bubbles Sans Dividend Anchors: Evidence from Laboratory Stock Markets
    • Unpublished
    • Hirota, Shinichi, and Sunder, Shyam. 2004. "Price Bubbles Sans Dividend Anchors: Evidence from Laboratory Stock Markets." Unpublished.
    • (2004)
    • Hirota, S.1    Sunder, S.2
  • 24
    • 24044513640 scopus 로고    scopus 로고
    • Hommes, Cars, Joep Sonnemans, Jan Tuinstra, and Henk van de Velden. 2005. Coordination of Expectations in Asset Pricing Experiments. Review of Financial Studies, 18(3): 955-80.
    • Hommes, Cars, Joep Sonnemans, Jan Tuinstra, and Henk van de Velden. 2005. "Coordination of Expectations in Asset Pricing Experiments." Review of Financial Studies, 18(3): 955-80.
  • 25
    • 0038432480 scopus 로고    scopus 로고
    • Asset Markets: How They Are Affected by Tournament Incentives for Individuals
    • James, Duncan, and R. Mark Isaac. 2000. "Asset Markets: How They Are Affected by Tournament Incentives for Individuals." American Economic Review, 90(4): 995-1004.
    • (2000) American Economic Review , vol.90 , Issue.4 , pp. 995-1004
    • James, D.1    Mark Isaac, R.2
  • 26
    • 0003269661 scopus 로고
    • The Robustness of Bubbles and Crashes in Experimental Stock Markets
    • ed. Richard H. Day and Ping Chen, Oxford: Oxford University Press
    • King, Ronald R., Vernon L. Smith, Arlington W. Williams, and Mark V. Van Boening. 1993. "The Robustness of Bubbles and Crashes in Experimental Stock Markets." In Nonlinear Dynamics and Evolutionary Economics, ed. Richard H. Day and Ping Chen, 183-200. Oxford: Oxford University Press.
    • (1993) Nonlinear Dynamics and Evolutionary Economics , pp. 183-200
    • King, R.R.1    Smith, V.L.2    Williams, A.W.3    Van Boening, M.V.4
  • 27
    • 38049106576 scopus 로고    scopus 로고
    • Individual Behavior and Beliefs in Experimental Parimutuel Betting Markets
    • Unpublished
    • Koessler, Frederic, Charles N. Noussair, and Anthony Ziegelmeyer. 2005. "Individual Behavior and Beliefs in Experimental Parimutuel Betting Markets." Unpublished.
    • (2005)
    • Koessler, F.1    Noussair, C.N.2    Ziegelmeyer, A.3
  • 28
    • 84977736029 scopus 로고
    • Investor Sentiment and the Closed-End Fund Puzzle
    • Lee, Charles M. C., Andrei Shleifer, and Richard H. Thaler. 1991. "Investor Sentiment and the Closed-End Fund Puzzle." Journal of Finance, 46(1): 75-109.
    • (1991) Journal of Finance , vol.46 , Issue.1 , pp. 75-109
    • Lee, C.M.C.1    Shleifer, A.2    Thaler, R.H.3
  • 29
    • 0036889464 scopus 로고    scopus 로고
    • Stock Market Volatility, Excess Returns, and the Role of Investor Sentiment
    • Lee, Wayne Y., Christine X. Jiang, and Daniel C. Indro. 2002. "Stock Market Volatility, Excess Returns, and the Role of Investor Sentiment." Journal of Banking and Finance, 26(12): 2277-99.
    • (2002) Journal of Banking and Finance , vol.26 , Issue.12 , pp. 2277-2299
    • Lee, W.Y.1    Jiang, C.X.2    Indro, D.C.3
  • 30
    • 0038432486 scopus 로고    scopus 로고
    • Nonspeculative Bubbles in Experimental Asset Markets: Lack of Common Knowledge of Rationality vs. ActualIrrationality
    • Lei, Vivian, Charles N. Noussair, and Charles R. Plott. 2001. "Nonspeculative Bubbles in Experimental Asset Markets: Lack of Common Knowledge of Rationality vs. ActualIrrationality." Econometrica, 69(4): 831-59.
    • (2001) Econometrica , vol.69 , Issue.4 , pp. 831-859
    • Lei, V.1    Noussair, C.N.2    Plott, C.R.3
  • 31
    • 0000397201 scopus 로고
    • Indeterminacy of Equilibria in a Hyperinflationary World: Experimental Evidence
    • Marimon, Ramon, and Shyam Sunder. 1993. "Indeterminacy of Equilibria in a Hyperinflationary World: Experimental Evidence." Econometrica, 61(5): 1073-107.
    • (1993) Econometrica , vol.61 , Issue.5 , pp. 1073-1107
    • Marimon, R.1    Sunder, S.2
  • 32
    • 0000477291 scopus 로고
    • Scoring Rules in Probability Assessment and Evaluation
    • Murphy, Allen H., and Robert L. Winkler. 1970. "Scoring Rules in Probability Assessment and Evaluation." Acta Psychologica, 34: 273-286.
    • (1970) Acta Psychologica , vol.34 , pp. 273-286
    • Murphy, A.H.1    Winkler, R.L.2
  • 33
    • 18244409227 scopus 로고    scopus 로고
    • Price Bubbles in Laboratory Asset Markets with Constant Fundamental Values
    • Noussair, Charles, Stephane Robin, and Bernard Ruffleux. 2001. "Price Bubbles in Laboratory Asset Markets with Constant Fundamental Values." Experimental Economics, 4(1): 87-105.
    • (2001) Experimental Economics , vol.4 , Issue.1 , pp. 87-105
    • Noussair, C.1    Robin, S.2    Ruffleux, B.3
  • 34
    • 38049131142 scopus 로고    scopus 로고
    • A Lesson from the Experimental Study of Markets: The Contrast in Efficiency between Service and Asset Markets
    • ed. P. Bourgine and J. Nadal, New York: Springer Verlag Publishers
    • Noussair, Charles N., and Bernard Ruffieux. 2004. "A Lesson from the Experimental Study of Markets: The Contrast in Efficiency between Service and Asset Markets." In Cognitive Economics: An Interdisciplinary Approach, ed. P. Bourgine and J. Nadal, 313-34. New York: Springer Verlag Publishers.
    • (2004) Cognitive Economics: An Interdisciplinary Approach , pp. 313-334
    • Noussair, C.N.1    Ruffieux, B.2
  • 35
    • 33744899122 scopus 로고    scopus 로고
    • Futures Markets and Bubble Formation in Experimental Asset Markets
    • Noussair, Charles, and Steven Tucker. 2006. "Futures Markets and Bubble Formation in Experimental Asset Markets." Pacific Economic Review, 11(2): 167-84.
    • (2006) Pacific Economic Review , vol.11 , Issue.2 , pp. 167-184
    • Noussair, C.1    Tucker, S.2
  • 36
    • 21844515590 scopus 로고
    • Futures Contracting and Dividend Uncertainty in Experimental Asset Markets
    • Porter, David P., and Vernon L. Smith. 1995. "Futures Contracting and Dividend Uncertainty in Experimental Asset Markets." Journal of Business, 68(4): 509-41.
    • (1995) Journal of Business , vol.68 , Issue.4 , pp. 509-541
    • Porter, D.P.1    Smith, V.L.2
  • 37
    • 0001547941 scopus 로고
    • Bubbles, Crashes, and Endogenous Expectations in Experimental Spot Asset Markets
    • Smith, Vernon L., Gerry L. Suchanek, and Arlington W. Williams. 1988. "Bubbles, Crashes, and Endogenous Expectations in Experimental Spot Asset Markets." Econometrica, 56(5): 1119-51.
    • (1988) Econometrica , vol.56 , Issue.5 , pp. 1119-1151
    • Smith, V.L.1    Suchanek, G.L.2    Williams, A.W.3
  • 38
    • 3342946022 scopus 로고    scopus 로고
    • Sonnemans, Joep, Cars H. Hommes, Jan Tuinstra, and Henk van de Velden. 2004. The Instability of a Heterogeneous Cobweb Economy: A Strategy Experiment on Expectation Formation. Journal of Economic Behavior and Organization, 54(4): 453-81.
    • Sonnemans, Joep, Cars H. Hommes, Jan Tuinstra, and Henk van de Velden. 2004. "The Instability of a Heterogeneous Cobweb Economy: A Strategy Experiment on Expectation Formation." Journal of Economic Behavior and Organization, 54(4): 453-81.
  • 39
    • 0000763571 scopus 로고
    • Experimental Asset Markets: A Survey
    • ed. John H. Kagel and Alvin E. Roth, Princeton: Princeton University Press
    • Sunder, Shyam. 1995. "Experimental Asset Markets: A Survey." In The Handbook of Experimental Economics, ed. John H. Kagel and Alvin E. Roth, 445-500. Princeton: Princeton University Press.
    • (1995) The Handbook of Experimental Economics , pp. 445-500
    • Sunder, S.1
  • 40
    • 21144477357 scopus 로고
    • Price Bubbles and Crashes in Experimental Call Markets
    • Van Boening, Mark V., Arlington W. Williams, and Shawn LaMaster. 1993. "Price Bubbles and Crashes in Experimental Call Markets." Economics Letters, 41(2): 179-85.
    • (1993) Economics Letters , vol.41 , Issue.2 , pp. 179-185
    • Van Boening, M.V.1    Williams, A.W.2    LaMaster, S.3


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.