Advice in the marketplace: a laboratory study
通过实验室资产市场实验，研究建议能否替代个人经验，发现接受建议的交易者能使价格更接近基本面，且混合市场中部分交易者接受建议即可促进价格收敛。
Abstract There is substantial evidence that the decisions of experienced and inexperienced agents differ in ways that impact both individual earnings and aggregate market outcomes. Typically, such evidence is gathered by studying experience as it accumulates within subjects over time. We examine a new question; whether behaviors associated with experience can be transferred directly to new market participants. Specifically, we study the intergenerational transmission of information, including direct advice, in experimental asset markets. Empirical results suggest that advice is a substitute for experience. Prices in sessions with advised traders shift towards fundamentals—a pattern consonant with prior work exploring the impact of own-experience on pricing dynamics. Further, convergence is observed in mixed-markets where only a subset of traders are advised.