Cover Image

Futures markets, cognitive ability, and mispricing in experimental asset markets

Show other versions (1)

We study the effect of a futures market, in which contracts maturing in the last period of the life of the asset can be traded. Our experiment has two treatments, one in which a spot market operates on its own, and a second treatment, in which a spot and a futures market are active simultaneously. F...

Full description

Saved in:
Bibliographic Details
Main Authors: Noussair, Charles (Author) , Tucker, Steven (Author) , Xu, Yilong (Author)
Format: Article (Journal)
Language:English
Published: 22 July 2016
In: Journal of economic behavior & organization
Year: 2016, Volume: 130, Pages: 166-179
ISSN:1879-1751
DOI:10.1016/j.jebo.2016.07.010
Online Access:Verlag, Volltext: https://doi.org/10.1016/j.jebo.2016.07.010
Verlag, Volltext: http://www.sciencedirect.com/science/article/pii/S0167268116301391
Get full text
Author Notes:Charles N. Noussair, Steven Tucker, Yilong Xu

MARC

LEADER 00000caa a2200000 c 4500
001 1665112271
003 DE-627
005 20220816150712.0
007 cr uuu---uuuuu
008 190510s2016 xx |||||o 00| ||eng c
024 7 |a 10.1016/j.jebo.2016.07.010  |2 doi 
035 |a (DE-627)1665112271 
035 |a (DE-599)KXP1665112271 
035 |a (OCoLC)1341212593 
040 |a DE-627  |b ger  |c DE-627  |e rda 
041 |a eng 
084 |a 17  |2 sdnb 
100 1 |a Noussair, Charles  |d 1965-  |e VerfasserIn  |0 (DE-588)171124057  |0 (DE-627)061292451  |0 (DE-576)131943316  |4 aut 
245 1 0 |a Futures markets, cognitive ability, and mispricing in experimental asset markets  |c Charles N. Noussair, Steven Tucker, Yilong Xu 
264 1 |c 22 July 2016 
300 |a 14 
336 |a Text  |b txt  |2 rdacontent 
337 |a Computermedien  |b c  |2 rdamedia 
338 |a Online-Ressource  |b cr  |2 rdacarrier 
500 |a Gesehen am 10.05.2019 
520 |a We study the effect of a futures market, in which contracts maturing in the last period of the life of the asset can be traded. Our experiment has two treatments, one in which a spot market operates on its own, and a second treatment, in which a spot and a futures market are active simultaneously. Futures markets lower spot prices, but increase price volatility. The futures markets themselves exhibit considerable overpricing. Individuals with higher cognitive reflection test (CRT) scores achieve greater earnings, and tend to sell in the overpriced futures market, while traders with lower CRT scores make purchases in the futures market. Greater average CRT score among a group of traders is associated with better price discovery when no futures market is present but there is no such relationship in the presence of a futures market. Modified measures of CRT, which take into account different types of incorrect responses, are introduced. 
650 4 |a Asset market experiment 
650 4 |a Futures market 
650 4 |a Market institution 
700 1 |a Tucker, Steven  |e VerfasserIn  |0 (DE-588)132411229  |0 (DE-627)521190177  |0 (DE-576)29912889X  |4 aut 
700 1 |a Xu, Yilong  |e VerfasserIn  |0 (DE-588)1139871374  |0 (DE-627)897780116  |0 (DE-576)493518606  |4 aut 
773 0 8 |i Enthalten in  |t Journal of economic behavior & organization  |d Amsterdam [u.a.] : Elsevier, 1980  |g 130(2016) vom: Okt., Seite 166-179  |h Online-Ressource  |w (DE-627)253781825  |w (DE-600)1460618-5  |w (DE-576)072794445  |x 1879-1751  |7 nnas  |a Futures markets, cognitive ability, and mispricing in experimental asset markets 
773 1 8 |g volume:130  |g year:2016  |g month:10  |g pages:166-179  |g extent:14  |a Futures markets, cognitive ability, and mispricing in experimental asset markets 
776 0 8 |i Erscheint auch als  |n Druck-Ausgabe  |a Noussair, Charles, 1965 -   |t Futures markets, cognitive ability, and mispricing in experimental asset markets  |d 2016  |w (DE-627)895534665  |w (DE-576)9895534663 
856 4 0 |u https://doi.org/10.1016/j.jebo.2016.07.010  |x Verlag  |x Resolving-System  |3 Volltext 
856 4 0 |u http://www.sciencedirect.com/science/article/pii/S0167268116301391  |x Verlag  |3 Volltext 
951 |a AR 
992 |a 20190510 
993 |a Article 
994 |a 2016 
998 |g 1139871374  |a Xu, Yilong  |m 1139871374:Xu, Yilong  |p 3  |y j 
999 |a KXP-PPN1665112271  |e 3474433210 
BIB |a Y 
SER |a journal 
JSO |a {"origin":[{"dateIssuedDisp":"22 July 2016","dateIssuedKey":"2016"}],"relHost":[{"recId":"253781825","id":{"eki":["253781825"],"issn":["1879-1751","0167-2681"],"zdb":["1460618-5"]},"note":["Gesehen am 03.01.11"],"pubHistory":["1.1980 -"],"physDesc":[{"extent":"Online-Ressource"}],"origin":[{"dateIssuedDisp":"1980-","publisherPlace":"Amsterdam [u.a.] ; Amsterdam","dateIssuedKey":"1980","publisher":"Elsevier ; North-Holland Publ. Co."}],"title":[{"title":"Journal of economic behavior & organization","title_sort":"Journal of economic behavior & organization"}],"language":["eng"],"part":{"year":"2016","text":"130(2016) vom: Okt., Seite 166-179","pages":"166-179","extent":"14","volume":"130"},"disp":"Futures markets, cognitive ability, and mispricing in experimental asset marketsJournal of economic behavior & organization","type":{"bibl":"periodical","media":"Online-Ressource"}}],"title":[{"title":"Futures markets, cognitive ability, and mispricing in experimental asset markets","title_sort":"Futures markets, cognitive ability, and mispricing in experimental asset markets"}],"language":["eng"],"type":{"media":"Online-Ressource","bibl":"article-journal"},"recId":"1665112271","id":{"doi":["10.1016/j.jebo.2016.07.010"],"eki":["1665112271"]},"note":["Gesehen am 10.05.2019"],"physDesc":[{"extent":"14 S."}],"person":[{"given":"Charles","family":"Noussair","role":"aut","display":"Noussair, Charles","roleDisplay":"VerfasserIn"},{"given":"Steven","family":"Tucker","role":"aut","display":"Tucker, Steven","roleDisplay":"VerfasserIn"},{"family":"Xu","given":"Yilong","roleDisplay":"VerfasserIn","role":"aut","display":"Xu, Yilong"}],"name":{"displayForm":["Charles N. Noussair, Steven Tucker, Yilong Xu"]}} 
SRT |a NOUSSAIRCHFUTURESMAR2220 

Similar Items