Replication data for: Herd Behavior in a Laboratory Financial Market
Principal Investigator(s): View help for Principal Investigator(s) Marco Cipriani; Antonio Guarino
Version: View help for Version V1
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LICENSE.txt | text/plain | 14.6 KB | 12/06/2019 10:43:AM |
cipriani-guarino-dataset-description.pdf | application/pdf | 7.7 KB | 12/06/2019 10:43:AM |
cipriani-guarino.mat | application/octet-stream | 6.2 KB | 12/06/2019 10:43:AM |
Project Citation:
Cipriani, Marco, and Guarino, Antonio. Replication data for: Herd Behavior in a Laboratory Financial Market. Nashville, TN: American Economic Association [publisher], 2005. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-12-06. https://doi.org/10.3886/E116075V1
Project Description
Summary:
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We study herd behavior in a laboratory financial market. Subjects receive private information on the fundamental value of an asset and trade it in sequence with a market maker. The market maker updates the asset price according to the history of trades. Theory predicts that agents should never herd. Our experimental results are in line with this prediction. Nevertheless, we observe a phenomenon not accounted for by the theory. In some cases, subjects decide not to use their private information and choose not to trade. In other cases, they ignore their private information to trade against the market (contrarian behavior).
Scope of Project
JEL Classification:
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D82 Asymmetric and Private Information; Mechanism Design
G10 General Financial Markets: General (includes Measurement and Data)
D82 Asymmetric and Private Information; Mechanism Design
G10 General Financial Markets: General (includes Measurement and Data)
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