Experience Does Not Eliminate Bubbles: Experimental Evidence
通过呼叫市场和学习预测两类实验，研究投资者经验对资产价格泡沫的影响，发现即使重复交易三次，泡沫依然显著存在。
Abstract We study the role of investor experience in the formation of asset price bubbles. We conduct a call market experiment in which participants trade assets with each other and a learning-to-forecast experiment in which participants only forecast future prices (while trade based on these forecasts is computerized). Each experiment comprises three treatments varying the information that participants receive about the fundamental value. Each experimental market is repeated three times. Throughout, we observe sizable bubbles that persist despite participant experience. Our findings in the call market experiment contrast with those in the literature. Our findings in the learning-to-forecast experiment are novel.