Relative Performance Incentives and Price Bubbles in Experimental Asset Markets

We study experimental markets in which participants face incentives modeled upon those prevailing in markets for managed funds. Each participant's portfolio is periodically evaluated at market value and ranked by relative performance as measured by short-term paper returns. Those who rank highl...

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Veröffentlicht in:	Southern economic journal 2014-10, Vol.81 (2), p.345-363
Hauptverfasser:	Cheung, Stephen L., Coleman, Andrew
Format:	Artikel
Sprache:	eng
Schlagworte:	Asset markets Assets Bonuses C92 Cash Dividends Economic bubbles Economic models Economic statistics Economic theory Economics Endowments Experiments Financial incentives G12 Incentives International finance Investment advisors Investors M52 Market Market conditions Market prices Market value Mutual funds Portfolio management Prices Pricing Studies
Online-Zugang:	Volltext
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