An Experimental Study of Bond Market Pricing
通过实验室实验，研究了债券首次公开发行价格与发行人违约概率之间的双向关系，发现被试在少量重复后能学会合理定价。
ABSTRACT An important feature of bond markets is the relationship between the initial public offering (IPO) price and the probability that the issuer defaults. On the one hand, the default probability affects the IPO price; on the other hand, the IPO price affects the default probability. It is a priori unclear whether agents can competitively price such assets. Our paper is the first to explore this question. To do so, we use laboratory experiments. We develop two flexible bond market models that are easily implemented in the laboratory. We find that subjects learn to price the bonds well after only a few repetitions.