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Computerisierte Börsenexperimente

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Gerke, W., Bienert, H. Computerisierte Börsenexperimente. . Ein Beitrag zu einer Experimentellen Kapitalmarktforschung. Journal of Contextual Economics – Schmollers Jahrbuch, 114(4), 573-596. https://doi.org/10.3790/schm.114.4.573
Gerke, Wolfgang and Bienert, Horst "Computerisierte Börsenexperimente. Ein Beitrag zu einer Experimentellen Kapitalmarktforschung. " Journal of Contextual Economics – Schmollers Jahrbuch 114.4, 1994, 573-596. https://doi.org/10.3790/schm.114.4.573
Gerke, Wolfgang/Bienert, Horst (1994): Computerisierte Börsenexperimente, in: Journal of Contextual Economics – Schmollers Jahrbuch, vol. 114, iss. 4, 573-596, [online] https://doi.org/10.3790/schm.114.4.573

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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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Article Details

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.