Bubbles and Financial Professionals
通过116个实验市场对比412名金融专业人士和502名学生的交易行为，发现专业人士市场在资本流入或高初始资本供给时仍易产生泡沫，但比学生市场更高效；在混合市场中专业人士起到价格稳定作用，异质性价格信念是过度定价的主因。
Abstract The efficiency of financial markets and their potential to produce bubbles are central topics in academic and professional debates. Yet, little is known about the contribution of financial professionals to price efficiency. We run 116 experimental markets with 412 professionals and 502 students. We find that professional markets with bubble drivers – capital inflows or high initial capital supply – are susceptible to bubbles, although they are more efficient than student markets. In mixed markets with students, bubbles also occur, but professionals act as price stabilizers. We show that heterogeneous price beliefs drive overpricing, especially in bubble-prone market environments. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.