Experimental asset markets: A survey of recent developments

We review the latest research on experimental asset markets, where the values of the traded assets are homogeneous across all agents. Such markets have been shown to be prone to substantial mispricing, frequently in the form of a bubble-and-crash pattern. This calls into question the efficiency of such markets. The studies reviewed in this survey consider how market efficiency is affected by the structure of the market, the properties of the traded assets and the characteristics of traders.