We investigate the occurrence of bubble-crash pricing patterns in laboratory financial markets with a mixture of experienced and inexperienced traders. We find that even with a minority of experienced traders, bubbles are substantially abated.
Dufwenberg, Martin, Tobias Lindqvist and Evan Moore.
2005."Bubbles and Experience: An Experiment."American Economic Review,
95(5): 1731-1737.DOI: 10.1257/000282805775014362