Price Bubbles in Laboratory Asset Markets with Constant Fundamental Values
在基础价值恒定的实验室资产市场中，仍观察到价格泡沫，且频繁支付股息是泡沫形成的主要原因。
Abstract We construct asset markets that are similar to those studied by Smith, Suchanek and Williams ( Econometrica . 56, 1119-1151) in which bubbles and crashes tended to occur. The main difference between the markets studied here and those studied by Smith et al. is that in the markets studied here, the fundamental value of the asset is constant over the entire life of the asset. In four of the eight sessions reported here, we observe bubbles, which are prices considerably higher than fundamental values. The data suggest that the frequent payment of dividends is a major cause of bubble formation. The property that the fundamental value remains constant over the course of the trading horizon is not sufficient to eliminate the possibility of a bubble.