Heterogeneity of beliefs in experimental asset markets revisited

Reference : Heterogeneity of beliefs in experimental asset markets revisited


	Document type :	Scientific congresses, symposiums and conference proceedings : Unpublished conference
	Discipline(s) :	Business & economic sciences : Finance
	To cite this reference:	http://hdl.handle.net/10993/37918

Title :	Heterogeneity of beliefs in experimental asset markets revisited
Language :	English
Author, co-author :	Neugebauer, Tibor [University of Luxembourg > Faculty of Law, Economics and Finance (FDEF) > Luxembourg School of Finance (LSF) >]
Publication date :	28-Nov-2018
Peer reviewed :	No
On invitation :	Yes
Audience :	International
Event name :	Seminar
Event date :	28-11-2018
Event organizer :	UJI Castellon, Spain
Keywords :	[en] Expectation formation ; heterogeneous beliefs ; asset market experiment
Abstract :	[en] We study the question if we can recover original traders’ price expectations in experimental asset markets if subjects receive the same pre-recorded information. Our results show reliable recovery of original traders’ median expectations across treatments. Treatment comparison suggests no effect on beliefs of subjects’ action space, whether subjects trade, act as price takers or only observe the market. Our results also suggest that we are unable to recover the individual expectations beyond the median expectation. Hence, we confirm the advanced observation of the experimental literature that expectations are heterogeneous and markets do not homogenize beliefs.
Permalink :	http://hdl.handle.net/10993/37918

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