Cognitive bubbles
Cognitive bubbles
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认知泡沫
DOI：
10.1007/s10683-017-9529-0
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发表时间：
2017
影响因子：
2.3
通讯作者：
A. Bosch
中科院分区：
文献类型：
--
作者：
Ciril Bosch;Thomas Meissner;A. Bosch
Smith et al.（Econometrica 56（5）：1119，1988）报道了实验性资产市场的大泡沫和崩溃，这一结果已经被重复了很多次。在这里，我们测试泡沫的出现是否取决于实验对象的认知复杂度。在一个分为两部分的实验中，我们首先进行了一系列测试，以评估受试者的认知复杂度，并将其分为低水平或高水平。然后，我们分别邀请他们参加两个资产市场实验，实验中的受试者要么认知复杂度低，要么认知复杂度高。我们观察到典型的泡沫和崩溃模式的市场人口与低水平的认知复杂性。然而，没有观察到泡沫或崩溃与我们的复杂的主题，表明实验市场参与者的认知复杂性对价格效率有很大的影响。
Smith et al. (Econometrica 56(5):1119, 1988) reported large bubbles and crashes in experimental asset markets, a result that has been replicated many times. Here we test whether the occurrence of bubbles depends on the experimental subjects’ cognitive sophistication. In a two-part experiment, we first run a battery of tests to assess the subjects’ cognitive sophistication and classify them into low or high levels. We then invite them separately to two asset market experiments populated only by subjects with either low or high cognitive sophistication. We observe classic bubble and crash patterns in markets populated by subjects with low levels of cognitive sophistication. Yet, no bubbles or crashes are observed with our sophisticated subjects, indicating that cognitive sophistication of the experimental market participants has a strong impact on price efficiency.