Bosch-Rosa, Ciril; Meissner, Thomas; Bosch-Domènech, Antoni - Department of Economics and Business, Universitat … - 2015
Smith et al. (1988) reported large bubbles and crashes in experimental asset markets, a result that has been replicated … by a large literature. Here we test whether the occurrence of bubbles depends on the experimental subjects' cognitive … in the sessions populated by subjects with low levels of cognitive sophistication. Yet, no bubbles or crashes are …