Explaining Bubbles in Experimental Asset Markets

解释实验资产市场中的泡沫

• 批准号: 9870874
• 负责人: Eric Fisher
• 金额: --
• 依托单位: Ohio State University
• 依托单位国家: 美国
• 项目类别: Standard Grant
• 财政年份: 1998
• 资助国家: 美国
• 起止时间: 1998-09-15 至 2000-12-31
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=9870874&HistoricalAwards=false
• 关键词: Explaining; Bubbles; Experimental; Asset; Markets

This project consists of six experiments exploring the effects of informational heterogeneity on asset markets in the laboratory. It is the first empirical application of a growing theoretical literature showing that asset bubbles arise because people have different prior beliefs about dividends. Bayesian learning explains important aspects of data from previous experiments, and this project explores whether subjects can be induced to have common beliefs agreeing with the actual distribution of an asset's fundamentals. The treatments control subjects' experience, use a tangible randomization device, and attempt to induce common priors by showing how dividends are drawn. This research will have significant implications for a general theory of asset prices.

这个项目由六个实验组成，在实验室里探索信息异质性对资产市场的影响。这是对越来越多的理论文献的首次实证应用，这些文献表明，资产泡沫的产生是因为人们对股息有不同的先验信念。贝叶斯学习解释了以前实验数据的重要方面，这个项目探索是否可以诱导受试者具有与资产基本面的实际分布一致的共同信念。这些治疗控制受试者的体验，使用有形的随机装置，并试图通过展示红利是如何提取的来诱导共同的前科。这项研究将对资产价格的一般理论产生重大影响。