Trading Complex Assets
通过实验研究资产复杂性对交易的影响，发现复杂性会加剧价格波动、降低流动性和交易效率，其作用机制并非源于估计误差，而是通过改变投标策略和逆向选择效应。
ABSTRACT We perform an experimental study to assess the effect of complexity on asset trading. We find that higher complexity leads to increased price volatility, lower liquidity, and decreased trade efficiency especially when repeated bargaining takes place. However, the channel through which complexity acts is not simply due to the added noise induced by estimation error. Rather, complexity alters the bidding strategies used by traders, making them less inclined to trade, even when we control for estimation error across treatments. As such, it appears that adverse selection plays an important role in explaining the trading abnormalities caused by complexity.