On the Ingredients for Bubble Formation: Informed Traders and Communication [Dataset] (doi:10.11588/data/10018)

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Part 1: Document Description
Part 2: Study Description
Part 3: Data Files Description
Part 4: Variable Description
Part 5: Other Study-Related Materials
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Document Description

Citation

Title:

On the Ingredients for Bubble Formation: Informed Traders and Communication [Dataset]

Identification Number:

doi:10.11588/data/10018

Distributor:

heiDATA

Date of Distribution:

2014-07-31

Version:

Bibliographic Citation:

Oechssler, Jörg; Schmidt, Carsten; Schnedler, Wendelin, 2014, "On the Ingredients for Bubble Formation: Informed Traders and Communication [Dataset]", https://doi.org/10.11588/data/10018, heiDATA, V2, UNF:5:CfRgi4YFxqGebpDZgTc48w== [fileUNF]

Study Description

Citation

Title:

On the Ingredients for Bubble Formation: Informed Traders and Communication [Dataset]

Identification Number:

doi:10.11588/data/10018

Authoring Entity:

Oechssler, Jörg (Alfred-Weber-Institute of Economics)

Schmidt, Carsten (Alfred-Weber-Institute of Economics)

Schnedler, Wendelin (Alfred-Weber-Institute of Economics)

Producer:

Oechssler, Jörg

Schmidt, Carsten

Schnedler, Wendelin

Distributor:

heiDATA

Distributor:

HeiDATA: Heidelberg Research Data Repository

Access Authority:

Oechssler, Jörg

Date of Deposit:

2014-07-30

Holdings Information:

https://doi.org/10.11588/data/10018

Study Scope

Keywords:

Social Sciences, Asset markets, Bubbles, Experiment, Mirages, Dividends

Topic Classification:

C92, G12, D8

Abstract:

Bubbles in asset markets have been documented in numerous experiments. Most experiments in which bubbles occur feature a declining fundamental value. This feature has been criticized for being atypical of real financial markets. Here, we experimentally study other ingredients for bubble formation that are common in such markets, namely the existence of inside information and communication among traders. We find that bubbles and mirages can occur if these additional ingredients are present. In particular, the mere possibility that some traders are better informed than others can create bubbles. Surprisingly, communication turns out to be counterproductive for bubble formation.

Country:

Germany

Geographic Coverage:

Germany

Universe:

Students

Methodology and Processing

Sources Statement

Data Access

Other Study Description Materials

Related Publications

Citation

Title:

Oechssler, Jörg; Schmidt, Carsten; Schnedler, Wendelin, "On the Ingredients for Bubble Formation: Informed Traders and Communication", Journal of Economic Dynamics and Control, 35 (2011), 1831-1851.

Identification Number:

10.1016/j.jedc.2011.05.009

Bibliographic Citation:

Oechssler, Jörg; Schmidt, Carsten; Schnedler, Wendelin, "On the Ingredients for Bubble Formation: Informed Traders and Communication", Journal of Economic Dynamics and Control, 35 (2011), 1831-1851.

File Description--f221

File: oss bubbles per day.tab

Number of cases: 2700
No. of variables per record: 71
Type of File: text/tab-separated-values

Notes:

UNF:5:CfRgi4YFxqGebpDZgTc48w==

Variable Description

List of Variables:

treatnumber
session
round
day
asset
market_correct_mean - (mean) market_correct
market_wrong_mean - (mean) market_wrong
confidence_mean - (mean) rank_estimate
price_estimate_mean - (mean) price_estimate
dividend_estimate_mean - (mean) dividend_estimate
portfolioav_mean - (mean) portfolioav
sex - (mean) sex
education - (mean) education
profit - (mean) profit
trade_price - (mean) trade_price
trade_per_day - (mean) trade_per_day
price_index - (mean) price_index
asset80 - (mean) asset80
asset40 - (mean) asset40
asset_bubble_pos - (mean) asset_bubble_pos
asset_bubble_neg - (mean) asset_bubble_neg
market_bubble_pos - (mean) market_bubble_pos
total_trade - (mean) total_trade
market_bubble_neg - (mean) market_bubble_neg
asset_mirage40 - (mean) asset_mirage40
asset_mirage80 - (mean) asset_mirage80
bid_price - (mean) bid_price
bid_per_day - (mean) bid_per_day
total_bid - (mean) total_bid
index_bid - (mean) index_bid
ask_price - (mean) ask_price
ask_per_day - (mean) ask_per_day
total_ask - (mean) total_ask
index_ask - (mean) index_ask
time - (mean) time
expected_value - (mean) expected_value
confidence_med - (p 50) rank_estimate
market_correct_max - (max) market_correct
market_wrong_max - (max) market_wrong
confidence_max - (max) rank_estimate
portfolio_max - (max) portfolio
portfolioav_max - (max) portfolioav
price_estimate_max - (max) price_estimate
dividend_estimate_max - (max) dividend_estimate
informed - (max) informed
cashav_max - (max) cashav
market_correct_min - (min) market_correct
market_wrong_min - (min) market_wrong
confidence_min - (min) rank_estimate
portfolio_min - (min) portfolio
portfolioav_min - (min) portfolioav
price_estimate_min - (min) price_estimate
dividend_estimate_min - (min) dividend_estimate
cashav_min - (min) cashav
fundamental
mirage40
mirage80
counter40
counter80
counter40_1 - LEADS(counter40,1)
counter80_1 - LEADS(counter80,1)
maxcounter40
maxcounter80
filter_$ - asset = asset80 AND informed =1 AND day =10 (FILTER)
endmirage40
assetbubble
counter_ab
counter_ab_1 - LEADS(counter_ab,1)
maxcounter_ab
turnover
assetbubble_round

Variables

treatnumber

f221 Location:

Value	Label	Frequency
2.	INF_CHAT	900
3.	NOINF	900
1.	INF	900

Variable Format: numeric

Notes: UNF:5:PZJKEloXWx4UU0PXd3tlSA==

session

f221 Location:

Variable Format: numeric

Notes: UNF:5:KE/vNYluEYNz3rMHQEC3Jg==

round

f221 Location:

Value	Label	Frequency
4.	round 4	0
3.	round 3	900
0.	round 0	0
1.	round 1	900
2.	round 2	900

Variable Format: numeric

Notes: UNF:5:SqBWvtHCbB/of/IK7B1Mgw==

day

f221 Location:

Variable Format: numeric

Notes: UNF:5:Dul1r/OzqhEB6Hfcr0xMhw==

asset

f221 Location:

Variable Format: numeric

Notes: UNF:5:vjw/eq8x7nU7aZ/PGe0H4A==

(mean) market_correct

f221 Location:

Variable Format: numeric

Notes: UNF:5:p+ofC9vSjfRAa6kRrMVWuA==

(mean) market_wrong

f221 Location:

Variable Format: numeric

Notes: UNF:5:3hh1nQBtIzu28zfBQkYojQ==

(mean) rank_estimate

f221 Location:

Variable Format: numeric

Notes: UNF:5:cM92sHRJwf47r7Hw2DChQA==

(mean) price_estimate

f221 Location:

Variable Format: numeric

Notes: UNF:5:08JcdlUjsFCLHXDSGI1KtA==

(mean) dividend_estimate

f221 Location:

Variable Format: numeric

Notes: UNF:5:jspU+DtbfCQwujwbnVmKag==

(mean) portfolioav

f221 Location:

Variable Format: numeric

Notes: UNF:5:lE7vd5PtHXHHhcsiYYb17w==

(mean) sex

f221 Location:

Variable Format: numeric

Notes: UNF:5:fAuF7iNCGtU8x3FgiJzggQ==

(mean) education

f221 Location:

Variable Format: numeric

Notes: UNF:5:yYqjNs5chAZS3MidexpN4g==

(mean) profit

f221 Location:

Variable Format: numeric

Notes: UNF:5:ov9hhmfq9yEdAU9DBwWcQA==

(mean) trade_price

f221 Location:

Variable Format: numeric

Notes: UNF:5:a6FyjbRqkn+ADL+osJEHWg==

(mean) trade_per_day

f221 Location:

Variable Format: numeric

Notes: UNF:5:LJ77SMK2wZ9/isw+IRyRuQ==

(mean) price_index

f221 Location:

Variable Format: numeric

Notes: UNF:5:5/rLVq2Fu6S2bMtsLcMs9g==

(mean) asset80

f221 Location:

Variable Format: numeric

Notes: UNF:5:eLaEkZMApwBJGb8bgcxeJg==

(mean) asset40

f221 Location:

Variable Format: numeric

Notes: UNF:5:DkPSRlB+RKwajSiK0kP00A==

(mean) asset_bubble_pos

f221 Location:

Variable Format: numeric

Notes: UNF:5:8tec4xdGcoHLACCWPtHXhw==

(mean) asset_bubble_neg

f221 Location:

Variable Format: numeric

Notes: UNF:5:PLVFXj9ldFe1R/txxdfxgQ==

(mean) market_bubble_pos

f221 Location:

Variable Format: numeric

Notes: UNF:5:hkQID2vvZpnkeHaIOpu3Hw==

(mean) total_trade

f221 Location:

Variable Format: numeric

Notes: UNF:5:NyjYuIeEcjpYHH4p5nAksg==

(mean) market_bubble_neg

f221 Location:

Variable Format: numeric

Notes: UNF:5:WPZecGQDPJx9SxWXws0rhw==

(mean) asset_mirage40

f221 Location:

Variable Format: numeric

Notes: UNF:5:nrtY9HVM7gCgzElZleZS/g==

(mean) asset_mirage80

f221 Location:

Variable Format: numeric

Notes: UNF:5:SY9fyVyg/VG0ai4ntX4iMw==

(mean) bid_price

f221 Location:

Variable Format: numeric

Notes: UNF:5:eR+VSpFiIdVOkqORhVfg3Q==

(mean) bid_per_day

f221 Location:

Variable Format: numeric

Notes: UNF:5:nyN5uNR+bLqUmkw7R1WXjg==

(mean) total_bid

f221 Location:

Variable Format: numeric

Notes: UNF:5:QXu6uQpEk1E1QNCJyJb8EQ==

(mean) index_bid

f221 Location:

Variable Format: numeric

Notes: UNF:5:uuL8FsHgiL7aNyub9wW6Cg==

(mean) ask_price

f221 Location:

Variable Format: numeric

Notes: UNF:5:CKFqFewMDsFESlaIpATZjA==

(mean) ask_per_day

f221 Location:

Variable Format: numeric

Notes: UNF:5:R0aV7QSBey4r7gufht4wDg==

(mean) total_ask

f221 Location:

Variable Format: numeric

Notes: UNF:5:6VhaRwaKuLtgDR7Xy4P3Pw==

(mean) index_ask

f221 Location:

Variable Format: numeric

Notes: UNF:5:IHbIimsijEynROTaPRbkZg==

(mean) time

f221 Location:

Variable Format: numeric

Notes: UNF:5:YcVyT2pXgTJzJEGNCXEwFA==

(mean) expected_value

f221 Location:

Variable Format: numeric

Notes: UNF:5:hMc+x094Sn9gg06GcLGwQg==

(p 50) rank_estimate

f221 Location:

Variable Format: numeric

Notes: UNF:5:gsevMmWhgMmtSeuq6wLKNg==

(max) market_correct

f221 Location:

Variable Format: numeric

Notes: UNF:5:K/Hjx90o/MFz1JvrqRzQyg==

(max) market_wrong

f221 Location:

Variable Format: numeric

Notes: UNF:5:aVr9C+1eP+M1lg22FFlehg==

(max) rank_estimate

f221 Location:

Variable Format: numeric

Notes: UNF:5:NR9ajvQQGgg4Vmj2lyaCKA==

(max) portfolio

f221 Location:

Variable Format: numeric

Notes: UNF:5:yhgtjEiuSEQ1jkz5HuiZlw==

(max) portfolioav

f221 Location:

Variable Format: numeric

Notes: UNF:5:J7dBkjHBB8tuY6O5NY/zHA==

(max) price_estimate

f221 Location:

Variable Format: numeric

Notes: UNF:5:IUrIh21gfItRE+13iQP5fQ==

(max) dividend_estimate

f221 Location:

Variable Format: numeric

Notes: UNF:5:IlHYNgYtxL+qiHm+b/dvkg==

(max) informed

f221 Location:

Variable Format: numeric

Notes: UNF:5:Fca22zl07cZsa7Q0oyUN2Q==

(max) cashav

f221 Location:

Variable Format: numeric

Notes: UNF:5:VK+ew5sjun+RytuHxzwqHw==

(min) market_correct

f221 Location:

Variable Format: numeric

Notes: UNF:5:XveTHJi22ME1qkHmK8GFgQ==

(min) market_wrong

f221 Location:

Variable Format: numeric

Notes: UNF:5:KzTUDFeckM29w3k9mLoURA==

(min) rank_estimate

f221 Location:

Variable Format: numeric

Notes: UNF:5:xFtHu0sKlD83zQMS/W1x1w==

(min) portfolio

f221 Location:

Variable Format: numeric

Notes: UNF:5:eQs5R10nUvAaVxuuTLiaNA==

(min) portfolioav

f221 Location:

Variable Format: numeric

Notes: UNF:5:FLQ42Cfvo4g6TyPVxH83fQ==

(min) price_estimate

f221 Location:

Variable Format: numeric

Notes: UNF:5:rhxXLLIgaXKmsRZYzONEtQ==

(min) dividend_estimate

f221 Location:

Variable Format: numeric

Notes: UNF:5:mz4gG53IZLlyvVae7/iKdw==

(min) cashav

f221 Location:

Variable Format: numeric

Notes: UNF:5:XTYq+iMjJMiMnLYflnuNNg==

fundamental

f221 Location:

Variable Format: numeric

Notes: UNF:5:pQaEs/XifCPslrI3VskukA==

mirage40

f221 Location:

Variable Format: numeric

Notes: UNF:5:KINScKdJEqMro47xgJOvEA==

mirage80

f221 Location:

Variable Format: numeric

Notes: UNF:5:j9xd2EeGDcKHI1Vxr6DufQ==

counter40

f221 Location:

Variable Format: numeric

Notes: UNF:5:A5bKdjDtoGUUhtlQ1GGsWQ==

counter80

f221 Location:

Variable Format: numeric

Notes: UNF:5:B0FKRWuHzNzaRfmOoElaGA==

LEADS(counter40,1)

f221 Location:

Variable Format: numeric

Notes: UNF:5:obZH/D51TBRC8vXy36dN6A==

LEADS(counter80,1)

f221 Location:

Variable Format: numeric

Notes: UNF:5:MAVPH9osq35qVEuHGmhnTA==

maxcounter40

f221 Location:

Variable Format: numeric

Notes: UNF:5:Dy+KtQ5UoLXkrtJOeWEHBg==

maxcounter80

f221 Location:

Variable Format: numeric

Notes: UNF:5:+C3hglZIVPG1gI2NDAvHSA==

asset = asset80 AND informed =1 AND day =10 (FILTER)

f221 Location:

Value	Label	Frequency	Text
1.	Selected	16
0.	Not Selected	2684

Variable Format: numeric

Notes: UNF:5:gOy6zqG8IU81fz/JpEWZ3w==

endmirage40

f221 Location:

Variable Format: numeric

Notes: UNF:5:EPunS3WKISzyVe2Wi2rXUg==

assetbubble

f221 Location:

Variable Format: numeric

Notes: UNF:5:QCzHzc1BLrXVmzy7G5HihQ==

counter_ab

f221 Location:

Variable Format: numeric

Notes: UNF:5:ZALgGSbXLD9tRQ6RHQvIUA==

LEADS(counter_ab,1)

f221 Location:

Variable Format: numeric

Notes: UNF:5:7T4Wd541TXXRoeSrjxVZMw==

maxcounter_ab

f221 Location:

Variable Format: numeric

Notes: UNF:5:WsJeqHiTENLqEAYOh1Zjxg==

turnover

f221 Location:

Variable Format: numeric

Notes: UNF:5:9ojFhig529JEMBd6X+5hhw==

assetbubble_round

f221 Location:

Variable Format: numeric

Notes: UNF:5:czRj/8DiTUuRDtXL1rJo3Q==

Other Study-Related Materials

Label:

LZA.tar.gz

Text:

This file is only for internal use.

Notes:

application/x-gzip