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Sökning: WFRF:(Kirchler Michael 1977 )

  • Resultat 11-20 av 32
  • Föregående 1[2]34Nästa
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11.
  • Huber, J., et al. (författare)
  • Experimental evidence on varying uncertainty and skewness in laboratory double-auction markets
  • 2014
  • Ingår i: Journal of Economic Behavior & Organization. - 0167-2681. ; 107, s. 798-809
  • Tidskriftsartikel (refereegranskat)abstract
    • We investigate the influence of skewness in asset fundamentals on asset prices under different states of uncertainty in double-auction markets. Three different types of assets are considered: risky assets, ambiguous assets and assets where the fundamental value distribution can be learned by repeated sampling of realizations. We show that market prices for skewed assets initially differ from those of non-skewed assets for risky as well as for ambiguous assets. Because of learning, the difference in market prices mostly disappears towards the end of trading. When fundamentals are "learned" by experience sampling, prices of all assets, irrespective of skewness, are very efficient from the beginning. Thus, when probabilities are not described but experienced, subjects are better able to estimate the fundamental value of an asset. (C) 2014 Elsevier B.V. All rights reserved.
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12.
  • Huber, Jürgen, et al. (författare)
  • Is more information always better? Experimental financial markets with cumulative information
  • 2008
  • Ingår i: Journal of Economic Behavior and Organization. - 0167-2681. ; 65:1, s. 86-104
  • Tidskriftsartikel (refereegranskat)abstract
    • We study the value of information in financial markets by asking whether having more information always leads to higher returns. We address this question in an experiment where information about an asset's intrinsic value is cumulatively distributed among traders. We find that only the very best informed traders (i.e., insiders) significantly outperform less informed traders. However, there is a wide range of information levels (from zero information to above average information levels) where additional information does not yield higher returns. The latter result implies that the value of additional information need not be strictly positive.
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13.
  • Huber, J., et al. (författare)
  • Market versus Residence Principle: Experimental Evidence on the Effects of a Financial Transaction Tax
  • 2017
  • Ingår i: Economic Journal. - 0013-0133. ; 127:605, s. F610-F631
  • Tidskriftsartikel (refereegranskat)abstract
    • The effects of a financial transaction tax (FTT) are scientifically disputed, as seemingly small details of its implementation may matter a lot. In this article, we provide experimental evidence on the different effects of an FTT, depending on whether it is implemented as a tax on markets, on residents, or a combination of both. We find that a tax on markets has negative effects on volatility and trading volume, whereas a tax on residents shows none of these undesired effects. Additionally, we observe that individual risk attitude is not related to traders’ reaction to the different forms of an FTT. © 2017 The Authors. The Economic Journal published by John Wiley & Sons Ltd on behalf of Royal Economic Society.
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14.
  • Huber, Jürgen, et al. (författare)
  • The impact of a financial transaction tax on stylized facts of price returns-Evidence from the lab
  • 2012
  • Ingår i: Journal of Economic Dynamics & Control. - 0165-1889. ; 36:8, s. 1248-1266
  • Tidskriftsartikel (refereegranskat)abstract
    • As the introduction of financial transaction taxes is increasingly discussed by political leaders we explore possible consequences such taxes could have on markets. Here we examine how "stylized facts", namely fat tails and volatility clustering, are affected by different tax regimes in laboratory experiments. We find that leptokurtosis of price returns is highest and clustered volatility is weakest in unilaterally taxed markets (where tax havens exist). Instead, tails are slimmest and volatility clustering is strongest in tax havens. When an encompassing financial transaction tax is levied, stylized facts hardly change compared to a scenario with no tax on all markets. (C) 2012 Elsevier B.V. All rights reserved.
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15.
  • Huber, Jürgen, et al. (författare)
  • The impact of instructions and procedure on reducing confusion and bubbles in experimental asset markets
  • 2012
  • Ingår i: Experimental Economics. - 1386-4157. ; 15:1, s. 89-105
  • Tidskriftsartikel (refereegranskat)abstract
    • In 1988 Smith, Suchanek, and Williams (henceforth SSW) introduced a very influential model to test the efficiency of experimental asset markets. They and many subsequent studies observe that bubbles are robust to many treatment changes. Instead, bubbles are avoided only when subjects are experienced in the same setting, when the dividend-process is experienced by subjects beforehand, or when the fundamental value-process (FV) is presented in a well understandable context to reduce subjects’ confusion. We extend this line of research and show that even marginal changes in the experimental instructions/procedure can eliminate bubbles in the SSW-model. In particular, we show that mispricing is significantly reduced and overvaluation is eliminated completely (i) when the fundamental value process is displayed in a graph instead of a table or (ii) when subjects are asked about the current fundamental value at the beginning of each period. From a questionnaire conducted at the end of the experiment we infer that these treatment changes help to improve subjects’ understanding of the FV-process. We conclude that all bubble reducing factors have one common feature: they allow subjects to understand the non-intuitive declining FV-process of the SSW-model better and thus reduce subjects’ confusion about the FV-process.
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16.
  • Huber, Jürgen, et al. (författare)
  • The influence of investment experience on market prices: laboratory evidence
  • 2016
  • Ingår i: Experimental Economics. - 1386-4157. ; 19:2, s. 394-411
  • Tidskriftsartikel (refereegranskat)abstract
    • We run laboratory experiments to analyze the impact of prior investment experience on price efficiency in asset markets. Before subjects enter the asset market they gain either no, positive, or negative investment experience in an investment game. To get a comprehensive picture about the role of experience we implement two asset market designs. One is prone to inefficient pricing, exhibiting bubble and crash patterns, while the other exhibits efficient pricing. We find that (i) both, positive and negative, experience gained in the investment game lead to efficient pricing in both market settings. Further, we show that (ii) the experience effect dominates potential effects triggered by positive and negative sentiment generated by the investment game. We conjecture that experiencing changing price paths in the investment game can create a higher sensibility on changing fundamentals (through higher salience) among subjects in the subsequently run asset market.
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17.
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18.
  • Kirchler, Michael, 1977-, et al. (författare)
  • Immaterial and monetary gifts in economic transactions: evidence from the field
  • 2018
  • Ingår i: Experimental Economics. - 1386-4157. ; 21:1, s. 205-230
  • Tidskriftsartikel (refereegranskat)abstract
    • Reciprocation of monetary gifts is well-understood in economics. In contrast, there is little research on reciprocal behavior following immaterial gifts like compliments. We narrow this gap and investigate how employees reciprocate after receiving immaterial gifts and material gifts over time. We purchase (1) ice cream from fast food restaurants, and (2) durum doner, a common lunch snack, from independent vendors. Prior to the food's preparation, we either compliment or tip the salesperson. We find that salespersons reciprocate compliments with higher product weight than in a control treatment. Importantly, this reciprocal behavior following immaterial gifts grows over repeated transactions. Tips, in contrast, have a stronger level effect which does not change over time.
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19.
  • Kirchler, Michael, 1977-, et al. (författare)
  • Market design and moral behavior
  • 2016
  • Ingår i: Management science. - 0025-1909 .- 1526-5501. ; 62:9, s. 2615-2625
  • Tidskriftsartikel (refereegranskat)abstract
    • In an experiment with 739 subjects, we study whether and how different interventions might have an influence on the degree of moral behavior when subjects make decisions that can generate negative externalities on uninvolved parties. Particularly, subjects can either take money for themselves or donate it to UNICEF for measles vaccines. By considering two fairly different institutional regimes-one with individual decision making, one with a double-auction market-we expose the different interventions to a kind of robustness check. We find that the threat of monetary punishment promotes moral behavior in both regimes. Getting subjects more involved with the traded good has no effect, though, in both regimes. Only the removal of anonymity, thus making subjects identifiable, has different effects across regimes, which we explain by different perceptions of responsibility.
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20.
  • Kirchler, Michael, 1977-, et al. (författare)
  • Market microstructure matters when imposing a Tobin tax-Evidence from the lab
  • 2011
  • Ingår i: Journal of Economic Behavior & Organization. - 0167-2681. ; 80:3, s. 586-602
  • Tidskriftsartikel (refereegranskat)abstract
    • Trading in FX markets is dominated by two microstructures: exchanges with market makers and OTC-markets without market makers. Using laboratory experiments we test whether the impact of a Tobin tax is different in these two market microstructures. We find that (i) in markets without market makers an unilaterally imposed Tobin tax (i.e. a tax haven exists) increases volatility. (ii) In contrast, in markets with market makers we observe a decrease in volatility in unilaterally taxed markets. (iii) An encompassing Tobin tax has no impact on volatility in either setting. Efficiency does not vary significantly across tax regimes.
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  • Resultat 11-20 av 32
  • Föregående 1[2]34Nästa
 
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