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首页> 外文期刊>Journal of Economic Dynamics and Control >How do experienced traders respond to inflows of inexperienced traders? An experimental analysis
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How do experienced traders respond to inflows of inexperienced traders? An experimental analysis

机译：有经验的交易员如何应对无经验的交易员的流入？实验分析

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摘要

We conducted asset market experiments where one experienced subject interacts with five inexperienced subjects to investigate how experienced subjects change their price forecasts and trading behavior when faced with strategic uncertainty caused by inflows of inexperienced subjects. Only half the experienced subjects initially forecasted prices deviating more from the fundamental values in the market with five inexperienced subjects than in the final round of the experiment in which they had previously participated. Furthermore, the majority of our experienced subjects did not change their trading behavior. Many experienced subjects act as price stabilizers when the inflow of inexperienced subjects is not associated with other changes in market conditions.
机译：我们进行了资产市场实验，其中一名经验丰富的主体与五名经验不足的主体进行交互，以调查经验丰富的主体在面对由经验不足的主体流入引起的战略不确定性时如何改变其价格预测和交易行为。仅有五个有经验的受测者最初预测价格与五个没有经验的受测者相比偏离了市场的基本价值，而不是他们先前参与的最后一轮实验。此外，我们大多数经验丰富的受试者都没有改变他们的交易行为。当缺乏经验的主体的流入与市场条件的其他变化不相关时，许多经验丰富的主体将充当价格稳定器。

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