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bubbling with excitement an experiment
Bubbling with Excitement: An Experiment
Shengle Lin
Haas School of Business
University of California, Berkeley
Terrance Odean
Haas School of Business
University of California, Berkeley
Eduardo B. Andrade
Haas School of Business
University of California, Berkeley
March 2012
_________________________________
We are grateful for financial support from the Coleman Fung Risk Management Research
Center and from the UC Berkeley Xlab. We also thank the Xlab for their assistance with
data collection. We thank seminar participants at the University of Stravanger and
McMaster University for comments.
Bubbling with Excitement: An Experiment
Abstract
In an experimental setting, we study the role of emotions in markets. Our experimental
market is modeled on those of Smith, Suchanek, and Williams (1988) and Caginalp,
Porter, and Smith (2001). Participants play part in a laboratory market where they can
trade a risky asset over a computer network. Prior to the market simulation, they watch
short videos that are exciting and upbeat—chase scenes; neutral—segments from a
historical documentary; fearful—scenes from a horror movie; or sad—scenes from a
drama. Larger asset pricing bubbles develop in experimental markets run subsequent to
the exciting videos relative to the other three conditions. The differences in the magnitude
and amplitude of the bubbles are both economic and statistically significant.
From “tulipmani
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