The Effect of Short Selling on Bubbles and Crashes in Experimental Spot Asset Markets
通过实验发现，放松卖空限制会降低资产价格，但不会使价格回归基本面；卖空能力限制和现金约束共同影响价格，模拟模型能复现实验中的价格模式。
ABSTRACT A series of experiments illustrate that relaxing short‐selling constraints lowers prices in experimental asset markets, but does not induce prices to track fundamentals. We argue that prices in experimental asset markets are influenced by restrictions on short‐selling capacity and limits on the cash available for purchases. Restrictions on short sales in the form of cash reserve requirements and quantity limits on short positions behave in a similar manner. A simulation model, based on DeLong et al. (1990) , generates average price patterns that are similar to the observed data.