How do experienced traders respond to inflows of inexperienced traders? An experimental analysis
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説明
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.
収録刊行物
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- Journal of Economic Dynamics and Control
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Journal of Economic Dynamics and Control 45 1-18, 2014-08
Elsevier BV
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キーワード
- Experience
- experiment
- Strategic uncertainty
- Asset markets
- asset markets
- [SHS.ECO]Humanities and Social Sciences/Economics and Finance
- [SHS]Humanities and Social Sciences
- strategic uncertainty,experience,heterogeneity,experiment,asset markets
- Experiment
- experience
- Strategic uncertainty, Experience, Heterogeneity, Experiment, Asset markets.
- strategic uncertainty
- heterogeneity
詳細情報 詳細情報について
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- CRID
- 1360004232268576896
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- ISSN
- 15565068
- 01651889
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- 資料種別
- journal article
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- データソース種別
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- Crossref
- KAKEN
- OpenAIRE