Cryptocurrencies such as Bitcoin have fascinated technologists and investors alike. They
have become prevalent, with over 2,000 Bitcoin-like cryptocurrencies now in use. Most …

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 …

This paper reviews the recent development and new findings of the literature on learning-to-
forecast experiments (LtFEs). In general, the stylized finding in the typical LtFEs, namely the …

To explore why bubbles frequently emerge in the experimental asset market model of Smith,
Suchanek, and Williams (1988), we vary the fundamental value process (constant or …

It is widely known that financial markets can become dangerously unstable, yet it is unclear
why. Recent research has highlighted the possibility that endogenous hormones, in …

The efficiency of financial markets and their potential to produce bubbles are central topics
in academic and professional debates. Yet, little is known about the contribution of financial …

Abstract Smith et al.(Econometrica 56 (5): 1119, 1988) reported large bubbles and crashes
in experimental asset markets, a result that has been replicated many times. Here we test …

Anecdotal and indirect empirical evidence suggest that excitement and market bubbles are
intertwined, such that excitement not only arises during bubbles but may also help fuel them …

Expectations play a crucial role in finance, macroeconomics, monetary economics, and
fiscal policy. In the last decade a rapidly increasing number of laboratory experiments have …

The hypothesis that price stability would reliably increase with the fraction of women
operating in financial markets has been frequently suggested in policy discussions. To test …