کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5067530 1372602 2009 16 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Market experience eliminates some anomalies-and creates new ones
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Market experience eliminates some anomalies-and creates new ones
چکیده انگلیسی

We report two experiments which investigate whether experience of decision making in repeated markets purges behaviour of preference reversals. We investigate two behavioural mechanisms that may be shaping bids in repeated auctions: A tendency to adjust bids towards previously observed market prices, and a tendency to reduce bids following bad market outcomes. We find little support for the former but strong support for the latter. Also, whilst 'just enough' market exposure eliminates the typical preference reversal phenomenon, continued exposure fosters the mirror image anomaly. Therefore, although market experience shapes behaviour, in our experiments, it does not generally promote consistency with standard preference theory.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: European Economic Review - Volume 53, Issue 4, May 2009, Pages 401-416
نویسندگان
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