The Bubble Game: An Experimental Study of Speculation

被引：37

作者：

Moinas, Sophie ^{[1
]}

Pouget, Sebastien ^{[1
]}

机构：

[1] Univ Toulouse, CRM IAE IDEI, Toulouse Sch Econ, F-31000 Toulouse, France

来源：

ECONOMETRICA | 2013年 / 81卷 / 04期

关键词：

Rational bubbles; irrational bubbles; experiments; cognitive hierarchy model; quantal response equilibrium; analogy-based expectation equilibrium; NORMAL-FORM GAMES; ANALOGY-BASED EXPECTATIONS; EXPERIMENTAL ASSET MARKETS; OVERLAPPING GENERATIONS; RATIONAL-EXPECTATIONS; GUESSING GAMES; RISK-AVERSION; CRASHES; MODEL; UNCERTAINTY;

D O I：

10.3982/ECTA9433

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We propose a bubble game that involves sequential trading of an asset commonly known to be valueless. Because no trader is ever sure to be last in the market sequence, the game allows for a bubble at the Nash equilibrium when there is no cap on the maximum price. We run experiments both with and without a price cap. Structural estimation of behavioral game theory models suggests that quantal responses and analogy-based expectations are important drivers of speculation.

引用

页码：1507 / 1539

页数：33

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