Risk A version and Information Structure: An Experimental Study of Price Variability in the Securities Markets
通过两个实验市场对比投机型与保守型投资者的行为，发现投机市场虽价格波动更大，但价格收敛更快、更接近均衡价格，且配置效率更高。
ABSTRACT This study investigates the differences in the behaviors between the speculative investors and the conservative investors in two separate experimental markets. Although the market for speculators shows greater price volatility in both bid/ask spread within a trade as well as with intraperiod variances, it exhibits several desirable properties. Specifically, the price patterns tend to converge closer, and at a greater speed to either the prior information equilibrium price or the rational expectation equilibrium price. It also achieves better allocational efficiency. And, it is also less likely to be misled by potentially “false” price information.