The origins of bubbles in laboratory asset markets
By: Lucy F. Ackert ... [et al.].
Contributors: Federal Reserve Bank of Atlanta
Series: Working paper series / Federal Reserve Bank of Atlanta -- 2006-6; Working paper series (Federal Reserve Bank of Atlanta : Online) -- 2006-6.
Publisher: Federal Reserve Bank of Atlanta
Published: 2006
Place of publication: Atlanta, Ga.]
Language: eng
Format: [electronic resource] /
Description: "In twelve sessions conducted in a typical bubble-generating experimental environment, we design a pair of assets that can detect both irrationality and speculative behavior. The specific form of irrationality we investigate is probability judgment error associated with low-probability, high-payoff outcomes. Independently, we test for speculation by comparing prices of identically paying assets in multiperiod versus single-period markets. When these tests indicate the presence of probability judgment error and speculation, bubbles are more likely to occur. This finding suggests that both factors are important bubble drivers"--Federal Reserve Bank of Atlanta web site.
Notes: Title from PDF file as viewed on 07/27/06.

Includes bibliographical references.

Also available in print.

System requirements: Adobe Acrobat Reader.

Mode of access: World Wide Web.