It is Not Just Confusion! Strategic Uncertainty in An Experimental Asset Market

Eizo Akiyama, Nobuyuki Hanaki*, Ryuichiro Ishikawa

*この研究の対応する著者

研究成果: Article査読

27 被引用数 (Scopus)

抄録

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’ 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.

本文言語English
ページ(範囲)F563-F580
ジャーナルEconomic Journal
127
605
DOI
出版ステータスPublished - 2017 10月
外部発表はい

ASJC Scopus subject areas

  • 経済学、計量経済学

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