The Effect of Earned Versus House Money on Price Bubble Formation in Experimental Asset Markets

被引：60

作者：

Corgnet, Brice ^{[1
]}

Hernan-Gonzalez, Roberto ^{[2
]}

Kujal, Praveen ^{[3
]}

Porter, David ^{[1
]}

机构：

[1] Chapman Univ, Argyros Sch Business & Econ, Econ Sci Inst, Orange, CA 92866 USA

[2] Univ Granada, E-18071 Granada, Spain

[3] Middlesex Univ, London N17 8HR, England

来源：

REVIEW OF FINANCE | 2015年 / 19卷 / 04期

关键词：

ENTITLEMENTS; FAIRNESS; RIGHTS;

D O I：

10.1093/rof/rfu031

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Does house money exacerbate price bubbles? We compare house money asset market experiments with an earned money treatment where initial portfolios are constructed from a real effort task. Bubbles occur; however, trading volumes and earnings dispersion are significantly higher with house money. We investigate the role of cognitive ability in accounting for the differences in earnings distribution across treatments by using the cognitive reflection test (CRT). Low CRT subjects earned less than high CRT subjects. Low CRT subjects were net purchasers (sellers) of shares when the price was above (below) fundamental value. The opposite was true for high CRT subjects.

引用

页码：1455 / 1488

页数：34

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