Ackert, Lucy F., Narat Charupat, Bryan K. Church, Richard Deaves. 2006. Margin, short sell, and lotteries in experimental asset markets. Southern Economic Journal 73(2) 419–436.
Alevy, Jonathan E, Michael S Haigh, John A List. 2007. Information cascades: Evidence from a field experiment with financial market professionals. The Journal of Finance 62(1) 151–180.
Allen, Franklin, Douglas Gale. 2000. Bubbles and crises. The Economic Journal 110(1) 236–255.
- Allen, Franklin, Gary Gorton. 1993. Churning bubbles. The Review of Economic Studies 60(4) 813–836.
Paper not yet in RePEc: Add citation now
- Baron-Cohen, Simon, Sally Wheelwright, Jacqueline Hill, Yogini Raste, Ian Plumb. 2001. The “Reading the Mind in the Eyes†Test revised version: A study with normal adults, and adults with Asperger syndrome or high-functioning autism. The Journal of Child Psychology and Psychiatry and Allied Disciplines 42(2) 241–251.
Paper not yet in RePEc: Add citation now
Blais, Ann-Renée, Elke U Weber. 2006. A Domain-Specific Risk-Taking (DOSPERT) scale for adult populations. Judgment and Decision Making 1(1) 33–47.
- Bloomfield, R., A. Anderson. 2010. Behavioral Finance: Investors, Corporations, and Markets. John Wiley & Sons.
Paper not yet in RePEc: Add citation now
Bock, Olaf, Ingmar Baetge, Andreas Nicklisch. 2014. hroot: Hamburg registration and organization online tool. European Economic Review 71 117–120.
Bosch-Rosa, Ciril, Thomas Meissner, Antoni Bosch-Domènech. 2018. Cognitive bubbles. Experimental Economics 21 132–153.
Bruguier, Antoine J., Steven R. Quartz, Peter Bossaerts. 2010. Exploring the nature of “trader intuitionâ€. The Journal of Finance 65(5) 1703–1723.
Brunnermeier, Markus K. 2001. Asset pricing under asymmetric information: Bubbles, Crashes, Technical Analysis, and Herding. Oxford University Press.
- Brunnermeier, Markus K. 2008. Bubbles. Steven N. Durlauf, Lawrence E. Blume, eds., The New Palgrave Dictonary of Economics. Elsevier, 1221–1288.
Paper not yet in RePEc: Add citation now
Brunnermeier, Markus K. 2009. Deciphering the liquidity and credit crunch 2007-2008. Journal of Economic Perspectives 23(1) 77–100.
- Brunnermeier, Markus K., Isabel Schnabel. 2016. Bubbles and central banks: Historical perspectives. Michael D. Bordo, Eitrheim, Marc Flandreau, Jan F. Qvigstad, eds., Central Banks at a Crossroads: What Can We Learn from History?. Cambridge University Press.
Paper not yet in RePEc: Add citation now
Brunnermeier, Markus K., Martin Oehmke. 2013. Bubbles, financial crises, and systemic risk.
- Burks, Stephen V., Jeffrey P. Carpenter, Lorenz Goette, Aldo Rustichini. 2009. Cognitive skills affect economic preferences, strategic behavior, and job attachment. Proceedings of the National Academy of Science 106(19) 7745–7750.
Paper not yet in RePEc: Add citation now
- Caginalp, Gunduz, David Porter, Vernon L. Smith. 1998. Initial cash/asset ratio and asset prices: An experimental study. Proceedings of the National Academy of Sciences 95(2) 756–761.
Paper not yet in RePEc: Add citation now
- Caginalp, Gunduz, David Porter, Vernon L. Smith. 2001. Financial bubbles: Excess cash, momentum and incomplete information. The Journal of Psychology and Financial Markets 2(2) 80–99.
Paper not yet in RePEc: Add citation now
Camerer, Colin, Keith Weigelt. 1991. Information mirages in experimental asset markets. The Journal of Business 64(4) 463–493.
Chen, Daniel L., Martin Schonger, Chris Wickens. 2016. oTree - an open-source platform for laboratory, online, and field experiments. Journal of Behavioral and Experimental Finance 9 88–97.
Cheng, Ing-Haw, Sahil Raina, Wei Xiong. 2014. Wall street and the housing bubble. American Economic Review 104(9) 2797–2829.
Cheung, Stephen L., Morten Hedegaard, Stefan Palan. 2014. To see is to believe - common expectations in experimental asset markets. European Economic Review 66 84–96.
Christelis, Dimitris, Tullio Jappelli, Mario Padula. 2010. Cognitive abilities and portfolio choice. European Economic Review 54(1) 18–38.
- Cohn, Alain, Ernst Fehr, Michel André Maréchal. 2014. Business culture and dishonesty in the banking industry. Nature 516 86–89.
Paper not yet in RePEc: Add citation now
Cohn, Alain, Ernst Fehr, Michel André Maréchal. 2017. Do professional norms in the banking industry favor risk-taking? The Review of Financial Studies 30(11) 3801–3823.
Corgnet, Brice, Mark DeSantis, David Porter. 2015a. Revisiting information aggregation in asset markets: Reflective learning and market efficiency. Working Paper .
Corgnet, Brice, Mark DeSantis, David Porter. 2018. What makes a good trader? On the role of quant skills, behavioral biases and intuition on trader performance. The Journal of Finance forthcoming.
Corgnet, Brice, Roberto Hernán-González, Praveen Kujal, David Porter. 2015b. The effect of earned versus house money on price bubble formation in experimental asset markets. Review of Finance 19(4) 1455–1488.
Crosetto, Paolo, Antonio Filippin. 2013. The “bomb†risk elicitation task. Journal of Risk and Uncertainty 47(1) 31–65.
DeLong, J. Bradford, Andrei Shleifer, Lawrence H. Summers, Robert J. Waldmann. 1990. Noise trader risk in financial markets. Journal of Political Economy 98(4) 703–738.
Dohmen, Thomas J., Armin Falk, David Huffman, Juergen Schupp, Uwe Sunde, Gert Wagner. 2011. Individual risk attitudes: Measurement, determinants, and behavioral consequences. Journal of the European Economic Association 9(3) 522–550.
Dufwenberg, Martin, Tobias Lindqvist, Evan Moore. 2005. Bubbles and experience: An experiment.
Eckel, Catherine C., Sascha Füllbrunn. 2015. Thar she blows? gender, competition, and bubbles in experimental asset markets. American Economic Review 105(2) 906–920.
Engsted, Tom. 2016. Fama on bubbles. Journal of Economic Surveys 30(2) 370–376.
Fama, Eugene F. 1970. Efficient capital markets: A review of theory and empirical work. The Journal of Finance 25(2) 383–417.
Fellner, Gerlinde, Boris Maciejovsky. 2007. Risk attitude and market behavior: Evidence from experimental asset markets. Journal of Economic Psychology 28(3) 338–350.
Fischbacher, Urs. 2007. z-Tree: Zurich toolbox for ready-made economic experiments. Experimental Economics 10(2) 171–178.
Frederick, Shane. 2005. Cognitive reflection and decision making. Journal of Economic Perspectives 19(4) 25–42.
Gürkaynak, Refet S. 2008. Econometric tests of asset price bubbles: taking stock. Journal of Economic Surveys 22(1) 166–186.
- Galbraith, John Kenneth. 1994. A short history of financial euphoria. Penguin.
Paper not yet in RePEc: Add citation now
Greiner, Ben. 2004. An Online Recruitment System for Economic Experiments. Kurt Kremer, Volker Macho, eds., Forschung und wissenschaftliches Rechnen. GWDG Bericht 63. Gesellschaft fuer Wissenschaftliche Datenverarbeitung, 79–93.
Griffin, John, Jeffrey Harris, Tao Shu, Selim Topaloglu. 2011. Who drove and burst the tech bubble? The Journal of Finance 66(4) 1251–1290.
Grinblatt, Mark, Matti Keloharju, Juhani T. Linnainmaa. 2012. IQ, trading behavior, and performance. Journal of Financial Economics 104(2) 339–362.
Haigh, Michael S., John A. List. 2005. Do professional traders exhibit myopic loss aversion? An experimental analysis. The Journal of Finance 60(1) 523–534.
Harris, Tammy, James W. Hardin, et al. 2013. Exact Wilcoxon signed-rank and Wilcoxon Mann–Whitney ranksum tests. Stata Journal 13(2) 337–343.
Harrison, Michael, David Kreps. 1978. Speculative investor behavior in a stock market with heterogeneous expectations. The Quarterly Journal of Economics 92(2) 323–336.
Haruvy, Ernan, Charles N. Noussair. 2006. The effect of short selling on bubbles and crashes in experimental spot asset markets. The Journal of Finance 61(3) 1119–1157.
Haruvy, Ernan, Yaron Lahav, Charles N. Noussair. 2007. Traders’ expectations in asset markets: experimental evidence. American Economic Review 97(5) 1901–1920.
Holt, Charles A., Megan Porzio, Michelle Yingze Song. 2017. Price bubbles, gender, and expectations in experimental asset markets. European Economic Review 100 72–94.
Huber, Jürgen, Michael Kirchler. 2012. The impact of instructions and procedure on reducing confusion and bubbles in experimental asset markets. Experimental Economics 15(1) 89–105.
- Janssen, Dirk-Jan, Sascha Füllbrunn, Utz Weitzel. 2018. Individual speculative behavior and overpricing in experimental asset markets. Experimental Economics forthcoming.
Paper not yet in RePEc: Add citation now
Jimenez, Natalia, Ismael Rodriguez-Lara, Jean-Robert Tyran, Erik Wengström. 2018. Thinking fast, thinking badly. Economics Letters 162 41–44.
Kaustia, Markku, Eeva Alho, Vesa Puttonen. 2008. How much does expertise reduce behavioral biases? The case of anchoring effects in stock return estimates. Financial Management 37(3) 391–412.
- Kindleberger, Charles P., Robert Z. Aliber. 2011. Manias, Panics, and Crashes: A History of Financial Crises. 6th ed. Palgrave Macmillan.
Paper not yet in RePEc: Add citation now
- King, Ronald, Vernon L. Smith, Arlington W. Williams, Mark Van Boening. 1993. The robustness of bubbles and crashes in experimental stock markets. Richard Day, Ping Chen, eds., Nonlinear Dynamics and Evolutionary Economics. Oxford University Press, 183–200.
Paper not yet in RePEc: Add citation now
Kirchler, Michael, Caroline Bonn, Jürgen Huber, Michael Razen. 2015. The “inflow-effect†– Trader inflow and price efficiency. European Economic Review 77 1–19.
Kirchler, Michael, Florian Lindner, Utz Weitzel. 2018. Rankings and risk-taking in the finance industry. The Journal of Finance forthcoming.
Kirchler, Michael, Jürgen Huber, Thomas Stöckl. 2012. Thar she bursts: Reducing confusion reduces bubbles. American Economic Review 102(2) 865–883.
Kleinlercher, Daniel, Jürgen Huber, Michael Kirchler. 2014. The impact of different incentive schemes on asset prices. European Economic Review 68 137–150.
Lei, Vivian, Charles N. Noussair, Charles R. Plott. 2001. Nonspeculative bubbles in experimental asset markets: Lack of common knowledge of rationality vs. actual irrationality. Econometrica 69(4) 831–859.
List, John A., Michael S. Haigh. 2005. A simple test of expected utility theory using professional traders. Proceedings of the National Academy of Science 102(3) 945–948.
- Mackintosh, N.J. 2011. History of theories and measurement of intelligence. Robert J. Sternberg, Scott Barry Kaufman, eds., The Cambridge Handbook of Intelligence. Cambridge University Press, 3–19.
Paper not yet in RePEc: Add citation now
Miller, Edward M. 1977. Risk, uncertainty, and divergence of opinion. The Journal of Finance 32(4) 1151–1168.
Noussair, Charles N, Steven Tucker, Yilong Xu. 2016. Futures markets, cognitive ability, and mispricing in experimental asset markets. Journal of Economic Behavior & Organization 130 166–179.
Noussair, Charles N., Stephane Robin, Bernard Ruffieux. 2001. Price bubbles in laboratory asset markets with constant fundamental values. Experimental Economics 4(1) 87–105.
Noussair, Charles N., Steven Tucker, Yilong Xu. 2014. A futures market reduces bubbles but allows greater profit for more sophisticated traders. Working Paper.
Noussair, Charles N., Steven Tucker. 2016. Cash inflows and bubbles in asset markets with constant fundamental values. Economic Inquiry 54(3) 1596–1606.
Oechssler, Jörg, Andreas Roider, Patrick W Schmitz. 2009. Cognitive abilities and behavioral biases. Journal of Economic Behavior & Organization 72(1) 147–152.
Ofek, Eli, Matthew Richardson. 2003. DotCom Mania: The rise and fall of internet stock prices.
- Online Appendix A Additional Figures and Tables Table A1: Treatment parameterization in both experiments: This table outlines model parameters across the different treatments. Similar to Smith et al. (2014) and Holt et al. (2017), assets pay dividends of either 1.2 or 1.6 Taler with equal probability at the end of each period. Additionally, interest of 5% is paid on cash holdings at the end of a period but before dividends are added. The expected dividend return is equal to the interest rate on cash at 5% (1.4 divided by 28) and therefore the asset’s risk-neutral fundamental value FV is constant at 28 in all periods. An additional income of 100 Taler from an exogenous source is paid to each subject at the beginning of each period in two treatments. CA-Ratio stands for the cash to asset-value ratio in the respective periods 1/10/20 (i.e., total cash divided by the product of the number of shares outstanding and the FV of 28).
Paper not yet in RePEc: Add citation now
Palan, Stefan. 2015. GIMS – Software for asset market experiments. Journal of Behavioral and Experimental Finance 5 1–14.
- Raven, John. 2000. The Raven’s progressive matrices: Change and stability over culture and time. Cognitive Psychology 41(1) 1–48.
Paper not yet in RePEc: Add citation now
Razen, Michael, Jürgen Huber, Michael Kirchler. 2017. Cash inflow and trading horizon in asset markets. European Economic Review 92 359–384.
Robin, Stéphane, Katerina Stráznická, Marie C. Villeval. 2012. Bubbles and incentives: An experiment on asset markets. Working paper.
Roth, Benjamin, Andrea Voskort. 2014. Stereotypes and false consensus: How financial professionals predict risk preferences. Journal of Economic Behavior & Organization 107 553–565.
Scherbina, Anna, Bernd Schlusche. 2014. Asset price bubbles: a survey. Quantitative Finance 14(4) 589–604.
- Smith, Alec, Terry Lohrenz, Justin King, Read Montague, Colin Camerer. 2014. Irrational exuberance and neural crash warning signals during endogenous experimental market bubbles. Proceedings of the National Academy of Sciences 111(29) 10503–10508.
Paper not yet in RePEc: Add citation now
Smith, Vernon L., Gerry L. Suchanek, Arlington W. Williams. 1988. Bubbles, crashes, and endogenous expectations in experimental spot asset markets. Econometrica 56(5) 1119–1151.
Smith, Vernon L., Mark Van Boening, Charissa P. Wellford. 2000. Dividend timing and behavior in laboratory asset markets. Economic Theory 16(3) 567–583.
Stöckl, Thomas, Jürgen Huber, Michael Kirchler. 2010. Bubble measures in experimental asset markets. Experimental Economics 13(3) 284–298.
Sutter, Matthias, Jürgen Huber, Michael Kirchler. 2012. Bubbles and information: An experiment. Management Science 58(2) 384–393.
- Toplak, Maggie E., Richard F. West, Keith E. Stanovich. 2011. The cognitive reflection test as a predictor of performance on heuristics-and-biases tasks. Memory & Cognition 39(7) 1275–1289.
Paper not yet in RePEc: Add citation now
- Toplak, Maggie E., Richard F. West, Keith E. Stanovich. 2014. Assessing miserly information processing: An expansion of the cognitive reflection test. Thinking & Reasoning 20(2) 147– 168.
Paper not yet in RePEc: Add citation now
Xiong, Wei, Jialin Yu. 2011. The Chinese Warrants Bubble. American Economic Review 101(6) 2723–2753.