In this paper, we present the results of a Learning-to-Forecast Experiment (LtFE) eliciting short- as well as long-run expectations about the future price dynamics in markets with positive and negative expectations feedback. Comparing our results on short-run expectations to the LtFE literature,...

In this paper, we study experimentally the information aggregation process in a market as a function of the access to different sources of information, namely an imperfect, public and costless signal into a market where the participants have access to costly and imperfect private information....

We compare the performance of two learning algorithms in replicating individual short and long-run expectations: the Exploration-Explotation Algorithm (EEA) and the Heuristic Switching Model (HSM). Individual expectations are elicited in a series of Learning-to-Forecast Experiments (LtFEs) with...

This paper studies the effects on the asset price of the introduction of a public signal in the presence of asymmetric private information in a decentralized market. We introduce an artificial market model populated by boundedly rational agents with heterogeneous levels of reasoning:...

We experimentally study the information aggregation process in a laboratory financial market when a public signal is released. The public disclosure crowds out information demand and reduces price informativeness. The latter effect is primarily caused by the overweighting of public information...

This paper compares the performance of centralized and decentralized markets experimentally. We constrain trading exchanges to happen on an exogenously predetermined network, representing the trading relationships in markets with differing levels of connectivity. Our experimental results show...

Inspired by macroeconomic scenarios, we aim to experimentally investigate the evolution of short- and long-run expectations under different specifications of the fundamentals. We collect individual predictions for the future prices in a series of Learning to Forecast Experiments with a...

In this survey we discuss advances in the agent-based modeling of economic and social systems. We present the state of the art in the heuristic design of agents and the connections to the results from laboratory experiments on agent behavior. We further discuss how large-scale social and...

We conduct a Learning to Forecast Experiment (LtFE) using a novel setting in which we elicit subjects' short and long-run expectations on the future price of an asset. We find that: (i) the rational expectations equilibrium (REE) is not a meaningful description for subjects' expectations, (ii)...

We conduct laboratory experiments to study whether increasing the number of independent public signals in an economy with endogenous private information is an effective measure to promote the acquisition of information and to enhance price efficiency. We observe that the release of public...