(), Tobias Lindqvist
and Evan Moore
Martin Dufwenberg: Economics of Department, Postal: Stockholm University, SE-106 91 Stockholm, Sweden
Tobias Lindqvist: The Research Institute of Industrial Economics, Postal: P.O. Box 55665, SE-102 15 Stockholm, Sweden
Evan Moore: Auburn University Montgomery, Postal: P.O. Box 244023,Montgomery, AL 36124-4023, U.S.
Abstract: We investigate experimentally how the share of experienced traders in double-auction asset markets affects trading, in particular the occurrence of bubble-crash pricing patterns. In each session, six subjects trade in three successive market rounds and gain experience. In a fourth round, depending on the treatment, two or four experienced subjects are replaced by inexperienced subjects. The results are compared to earlier findings when all traders were either inexperienced or experienced. We explore what can be learned by analogy between these laboratory findings and the performance of naturally occurring markets.
25 pages, January 20, 2003
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