Expectations and learning in Iowa
Abstract
We study the rationality of learning and the biases in expectations in the Iowa Experimental Markets. Using novel tests developed in (Bossaerts, P., 1996. Martingale restrictions on equilibrium security prices under rational expectations and consistent beliefs. Caltech working paper; Bossaerts, P., 1997. The dynamics of equity prices in fallible markets. Caltech working paper), learning in the Iowa winner-take-all markets is found to be in...
Paper Details
Title
Expectations and learning in Iowa
Published Date
Sep 1, 2000
Volume
24
Issue
9
Pages
1535 - 1555
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