Price Bubbles, Gender, and Expectations in Experimental Asset Markets Holt Porzio Song Data

Article
Author:Holt, Charles, AS-EconomicsUniversity of Virginia
Abstract:

Price Bubbles, Gender, and Expectations in Experimental Asset Markets
European Economic Review 2017

Charles A. Holt, Megan Porzio, and Michelle Yingze Song

This paper reports results of laboratory markets for a risky asset with a “flat” fundamental value that equates expected dividends to the return on a safe asset. Subjects were sorted by gender in an unobtrusive manner, and bubbles in this setting are pervasive and of comparable magnitude for both genders. In contrast, a robustness check done with a declining fundamental value did generate larger bubbles for groups of males. Elicited price forecasts tend to trail share prices as they rise and exceed prices as they fall, a pattern that is tracked by a “double adaptive” forecasting model.

Keywords:
Price Bubbles, Gender, Asset Markets, Forecasting, Adaptive Expectations, Risk Aversion, Cognitive Abilities, Laboratory Experiments
Contributor:Holt, Charles, EconomicsUniversity of Virginia
Language:
English
Source Citation:

Holt, Charles, Megan Porzio, and Michelle Song (2017) “Price Bubbles and Expectations in Asset Markets: Gender and Risk Aversion,” European Economic Review, 100, 72-94.

Publisher:
University of Virginia
Published Date:
August 19, 2019
Notes:

The data structures are described in the Readme file.