The impact of asset purchases in an experimental market with consumption smoothing motives
通过实验研究预先宣布的市场干预对资产价格和参与者福利的影响，发现干预导致资产价格过度上涨，但并未显著降低福利。
We investigate the effect of preannounced market intervention on an asset price as well as participants' welfare in an experimental framework where participants have consumption smoothing motives to trade the asset. The results show that, on the one hand, the preannounced intervention results in significantly larger overpricing of the asset relative to the rational expectations equilibrium level in periods prior to the intervention compared with the treatment without it. The participants' welfare, measured by the discounted sum of the payoffs at the beginning of the experiment, on the other hand, are not significantly worsened by the intervention.