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1、ExpEcon(2012)15:89105DOI10.1007/s10683-011-9290-8TheimpactofinstructionsandprocedureonreducingconfusionandbubblesinexperimentalassetmarketsJürgenHuber·MichaelKirchlerReceived:8February2011/Accepted:31May2011/Publishedonline:19July2011?EconomicScienceAssociation2011Abstract
2、In1988Smith,Suchanek,andWilliams(henceforthSSW)introducedaveryin?uentialmodeltotesttheef?ciencyofexperimentalassetmarkets.Theyandmanysubsequentstudiesobservethatbubblesarerobusttomanytreatmentchanges.Instead,bubblesareavoidedonlywhensubjectsareexperiencedinthesameset-ting,
3、whenthedividend-processisexperiencedbysubjectsbeforehand,orwhenthefundamentalvalue-process(FV)ispresentedinawellunderstandablecontexttore-ducesubjectsconfusion.Weextendthislineofresearchandshowthatevenmarginalchangesintheexperimentalinstructions/procedurecaneliminatebubble
4、sintheSSW-model.Inparticular,weshowthatmispricingissigni?cantlyreducedandovervalu-ationiseliminatedcompletely(i)whenthefundamentalvalueprocessisdisplayedinagraphinsteadofatableor(ii)whensubjectsareaskedaboutthecurrentfunda-mentalvalueatthebeginningofeachperiod.Fromaquestio
5、nnaireconductedattheendoftheexperimentweinferthatthesetreatmentchangeshelptoimprovesubjectsunderstandingoftheFV-process.Weconcludethatallbubblereducingfactorshaveonecommonfeature:theyallowsubjectstounderstandthenon-intuitivedecliningFV-processoftheSSW-modelbetterandthusred
6、ucesubjectsconfusionabouttheFV-process.KeywordsExperimentaleconomics·Assetmarket·Bubble·Marketef?ciencyJ.Huber·M.Kirchler()DepartmentofBankingandFinance,UniversityofInnsbruck,Universit?tsstrasse15,6020Innsbruck,Austriae-mail:michael.kirchler@uibk.ac.atJ.Hubere-mail:juerge
7、n.huber@uibk.ac.atM.KirchlerDepartmentofEconomics,CentreforFinance,UniversityofGothenburg,P.O.Box600,40530Gothenburg,Sweden90J.Huber,M.KirchlerJELClassi?cationC92·D84·G101IntroductionOverthepasttwodecadestheseminalassetmarketmodelintroducedbySmith,SuchanekandWilliams(1988,
8、henceforthSSW)hasdominatedexperimentalexplo-rationof?nancialmarkets.Themulti-periodassett
