Heterogeneity of Beliefs and Trade in Experimental Asset Markets
利用实验资产市场数据，研究发现价格预期高的交易者更频繁买入且出价更高，预期低的更频繁卖出且要价更低；预期更准确的交易者盈利更高。仅用信念数据模拟能复现市场定价模式，说明信念异质性是解释市场活动的关键。
We investigate the relationship between traders’ expectations and market outcomes with experimental asset market data. The data show that those who have high price expectations buy more frequently and submit higher bids, and those who hold low price expectations sell more frequently and submit lower bids. Traders who have more accurate expectations achieve greater earnings. Simulations using only belief data reproduce the pricing patterns observed in the market well, indicating that the heterogeneity of expectations is a key to explaining market activity.