JOURNAL ARTICLE
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Computerisierte Börsenexperimente
Ein Beitrag zu einer Experimentellen Kapitalmarktforschung
Gerke, Wolfgang | Bienert, Horst
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 114 (1994), Iss. 4 : pp. 573–596
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Gerke, Wolfgang
Bienert, Horst
Abstract
Problems in observing important variables restrict our understanding of capital markets to abstract models. An experimental approach is proposed to observe the micro causes of macro effects in the market process and to learn more on the impact of the market organization on the behavior of market participants and on market outcomes.
The design of an experimental stock market as a model of real stock markets is discussed in detail. The resulting computerized experimental stock trading system has been used successfully in a series of experiments investigating the disposition effect and the impact of market transparency on efficiency, liquidity and volatility.