How Do Experienced Traders Respond to Inflows of Inexperienced Traders? An Experimental Analysis
How Do Experienced Traders Respond to Inflows of Inexperienced Traders? An Experimental Analysis
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DOI：
10.2139/ssrn.2369186
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发表时间：
2013-12
期刊：
影响因子：
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通讯作者：
E. Akiyama;Nobuyuki Hanaki;Ryuichiro Ishikawa
中科院分区：
文献类型：
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作者：
E. Akiyama;Nobuyuki Hanaki;Ryuichiro Ishikawa
我们进行了资产市场实验，其中一个有经验的主题（EH）与五个没有经验的主题（1EH5H）的互动，以探讨如何EH改变他们的价格预测和交易策略时，面临的战略不确定性所造成的流入没有经验的主题。只有一半的经济学家最初预测的价格偏离1EH5H的基本值比他们之前参与的最后一轮实验更大。此外，我们的大部分执行董事并无改变其交易行为。当缺乏经验的主体的流入与市场条件的其他变化无关时，许多环境管理者充当价格稳定者。
We conducted asset market experiments where one experienced subject (EH) interacts with five inexperienced subjects (1EH5H) to investigate how EHs change their price forecasts and trading strategies when faced with strategic uncertainty caused by inflows of inexperienced subjects. Only half the EHs initially forecasted prices deviating more from the fundamental values in 1EH5H than in the final round of the experiment in which they had previously participated. Furthermore, the majority of our EHs did not change their trading behaviour. Many EHs act as price stabilisers when the inflow of inexperienced subjects is not associated with other changes in market conditions.