GIMS—Software for asset market experiments
نویسندگان
چکیده
منابع مشابه
Endogenous asset market segmentation
Agents and endowments. There is a continuum of ex ante identical households, a large number of perfectly competitive financial intermediaries, and a government. As in a typical cash-inadvance economy each household splits into a worker and a shopper each period. Each period each household receives an idiosyncratic endowment y ∈ [0,∞) that is IID in the population and IID over time with density ...
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Search models of unemployment motivate analysis through a matching problem between two distinct groups in the economy: firms and workers. A question which arises is why can’t workers circumvent search frictions by creating jobs themselves? Meanwhile, firms are able to supply vacant jobs perfectly elastically: how are vacancies sourced? I address these concerns in an environment where ex ante id...
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This paper examines how an asset price is determined in a market, and how it changes as circumstances in the market change, making use of a standard asset price model. The motivation of the paper is to examine if the model can explain a bubble economy in which individuals are risk averse. It is known that if the relative risk aversion of an investor’s utility function does not exceed 1 and is n...
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For over thirty years, the model of Lucas (1978) has been the platform of research on dynamic asset pricing and business cycles. This model restricts the intertemporal behavior of asset prices and ties those restrictions to cross-sectional behavior (the “equity premium”). The intertemporal restrictions reject the strictest interpretation of the Efficient Markets Hypothesis, namely, that prices ...
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To what extent is the observed mis-pricing in experimental asset markets caused by strategic uncertainty (SU) and by individual bounded rationality (IBR)? We address this question by comparing subjects initial price forecasts in two market environments – one with six human traders, and the other with one human and five computer traders. We find that both SU and IBR account equally for the media...
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ژورنال
عنوان ژورنال: Journal of Behavioral and Experimental Finance
سال: 2015
ISSN: 2214-6350
DOI: 10.1016/j.jbef.2015.02.001