@article{6a0003f39b574efc80b0d9a4ed1d1b05,
title = "It is Not Just Confusion! Strategic Uncertainty in An Experimental Asset Market",
abstract = "To what extent is the observed mispricing in experimental asset markets caused by strategic uncertainty and by confusion? We address this question by comparing subjects{\textquoteright} initial price forecasts in two market environments: one with six human traders and the other with one human and five computer traders. We find that both strategic uncertainty and confusion contribute equally to the median initial forecast deviation from the fundamental value. The effect of strategic uncertainty is greater for subjects with a perfect score in the cognitive reflection test, and it is not significant for those with low scores.",
author = "Eizo Akiyama and Nobuyuki Hanaki and Ryuichiro Ishikawa",
note = "Funding Information: Hirofumi Kimiatsuku, Michiko Ogaku, Makoto Soga and Hiroto Yonenoh provided invaluable help in organising the experiments. This project is partly financed by a Japan Society for the Promotion of Science (JSPS) – Centre National de la Recherche Scientifique (CNRS) bilateral research grant, a JSPS – Agence Nationale de la Recherche (ANR) bilateral research grant {\textquoteleft}BECOA{\textquoteright} (ANR-11-FRJA-0002) and financial aid from the Japan Center for Economic Research and Japan Securities Scholarship Foundation. A major part of this work was conducted when Hanaki was affiliated with the Aix-Marseille University (Aix-Marseille School of Economics). Hanaki thanks the Aix-Marseille School of Economics for its great support. The experiments reported in this article were approved by the Institutional Review Board of the Faculty of Engineering, Information and Systems, University of Tsukuba (No. 2012R25).",
year = "2017",
month = oct,
doi = "10.1111/ecoj.12338",
language = "English",
volume = "127",
pages = "F563--F580",
journal = "Economic Journal",
issn = "0013-0133",
publisher = "Wiley-Blackwell",
number = "605",
}