Bubbles and incentives:an experiment on asset markets
作者机构：Grenoble INP Institute of Engineering and ManagementGrenoble Applied Economics Laboratory(GAEL)University of Grenoble AlpesGrenobleFrance French National Centre for Scientific Research(CNRS)ParisFrance National Institute for Agricultural Research(INRA)ParisFrance Clermont Research Management(CleRMA)University of Clermont AuvergneClermont-FerrandFrance University of LyonLyonFrance Group of Economic Analysis and Theory(GATE)French National Centre for Scientific Research(CNRS)EcullyFrance Institute of Labour Economics(IZA)BonnGermany
出 版 物：《Economic and Political Studies》 (经济与政治研究（英文版）)
年 卷 期：2021年第9卷第1期
页 面：68-89页
学科分类：0202[经济学-应用经济学] 02[经济学] 020205[经济学-产业经济学]
基 金：Financial support from Agence Nationale de la Recherche[Grant No.ANR BLAN07-3_185547,EMIR project]is gratefully acknowledged This project has been performed in the framework of the LABEX CORTEX[ANR-11-LABX-0042]of Universite de Lyon,within the program Investissements d’Avenir[ANR-11-IDEX-007]operated by Agence Nationale de la Recherche(ANR)
主 题：Asset market bubbles incentives bonuses risk attitudes experiment
摘 要：We explore the effects of competitive incentives and of their time horizon on the evolution of both asset prices and trading activity in experimental asset *** compare(i)a no-bonus treatment;(ii)a short-term bonus treatment in which bonuses are assigned to the best performers at the end of each trading period;(iii)a long-term bonus treatment in which bonuses are assigned to the best performers at the end of the 15 periods of the *** find that the existence of bonus contracts does not increase the likelihood of bubbles but it affects their severity,depending on the time horizon of *** with longterm bonus contracts experience lower price deviations and a lower turnover of assets than markets with either no bonuses or long-term bonus ***-term bonus contracts increase price deviations but only when markets include a higher share of male *** the individual level,the introduction of bonus contracts increases the trading activity of males,probably due to their higher competitiveness.
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