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Information Mirages in Experimental Asset Markets

Camerer, Colin and Weigelt, Keith (1991) Information Mirages in Experimental Asset Markets. Journal of Business, 64 (4). pp. 463-493. ISSN 0021-9398 . http://resolver.caltech.edu/CaltechAUTHORS:20110211-135441124

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Abstract

We investigate behavior in laboratory asset markets in which traders are sometimes informed of asset values. We test whether traders overreact to uninformative trades, mistakenly inferring in-formation from them. The existence of price "mirages," caused by such mistakes, might ex-plain why asset prices seem to be excessively volatile.


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Additional Information:© 1991 University of Chicago. The financial support of the Richard Paget Research Chair at Northwestern University's Kellogg Graduate School of Management and the New York University's Center for Entrepreneurial Studies are gratefully acknowledged. Helpful comments have been received from some anonymous referees, Jon Baron, Jim Jordan, David Kreps, Howard Kunreuther, Charles Plott, Shyam Sunder, and seminar audiences at New York University, University of Minnesota, University of Pennsylvania, and the Public Choice Society. Marcy Lynch and James Myers are also acknowledged for their re-search assistance.
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Northwestern University Kellogg Graduate School of ManagementUNSPECIFIED
New York University Center for Entrepreneurial StudiesUNSPECIFIED
Record Number:CaltechAUTHORS:20110211-135441124
Persistent URL:http://resolver.caltech.edu/CaltechAUTHORS:20110211-135441124
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:22146
Collection:CaltechAUTHORS
Deposited By: Tony Diaz
Deposited On:10 Mar 2011 20:42
Last Modified:26 Dec 2012 12:55

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