Information Aggregation in an Experimental Market
这篇论文通过实验室资产市场检验理性预期假说，发现交易经验和股息共同知识共同足以实现理性预期均衡，但单独一项不够。
In this study, the authors report the results from laboratory asset markets designed to test the rational expectations hypothesis that markets aggregate and transmit the information of differentially informed traders. After documenting evidence in favor of the rational expectations model, they examine which features of their environment are necessary or sufficient to achieve an rational expectations equilibrium. The authors find that trading experience and common knowledge of dividends are jointly sufficient to achieve a rational expectations equilibrium, but that neither is a sufficient condition by itself. They also present some stylized facts about the convergence process leading to a rational expectations equilibrium. Copyright 1990 by The Econometric Society.