How do experienced traders respond to inflows of inexperienced traders? An experimental analysis

Eizo Akiyama, Nobuyuki Hanaki*, Ryuichiro Ishikawa

*この研究の対応する著者

研究成果: Article査読

19 被引用数 (Scopus)

抄録

We conducted asset market experiments where one experienced subject interacts with five inexperienced subjects to investigate how experienced subjects change their price forecasts and trading behavior when faced with strategic uncertainty caused by inflows of inexperienced subjects. Only half the experienced subjects initially forecasted prices deviating more from the fundamental values in the market with five inexperienced subjects than in the final round of the experiment in which they had previously participated. Furthermore, the majority of our experienced subjects did not change their trading behavior. Many experienced subjects act as price stabilizers when the inflow of inexperienced subjects is not associated with other changes in market conditions.

本文言語English
ページ(範囲)1-18
ページ数18
ジャーナルJournal of Economic Dynamics and Control
45
DOI
出版ステータスPublished - 2014 8月
外部発表はい

ASJC Scopus subject areas

  • 経済学、計量経済学
  • 制御と最適化
  • 応用数学

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