We study the effect of the addition of a futures market, in which contracts maturing in the last period of the life of the asset can be traded. Our experiment has two treatments, one in which a spot market operates on its own, and a second treatment in which a spot and futures market are active...

Kirchler et al. (2012) make a number of contributions to experimental research on asset markets. One of their findings is that the levels of cash holdings of traders do not affect asset prices when fundamentals follow a constant time trajectory. We report a new experiment in which we replicate...

We employ an experimental approach to consider the impact of a combination of formal and informal sanctions on contribution levels for a specific type of public good. We find that when both sanctions are available, contributions and overall welfare are higher than when only one of the two...

One of the main challenges for monetary economics is to explain the use of assets that are dominated in rate-of-return as media of exchange. We use experimental methods to study how a fiat money might come to be used in transactions when an identically marketable, dividend-bearing asset, a...

We conduct an experiment to explore the durability and transferability of the increase in contributions to a public good resulting from the existence of a particular type of implicit informal sanction. Rege and Telle (2003) find that in one-shot games, the sanctioning system leads to high...

We construct asset markets of the type studied in <link rid="b1">Smith et al. (1988) </link>, in which price bubbles and crashes are widely observed. In addition to a spot market, there are futures markets in operation, one maturing at the beginning of each period of the life of the asset. We find that when futures...

A demand for behavioral norms arises when members of a group have individual incentives to take actions that reduce the group's overall welfare (James S. Coleman, 1990). Norms require enforcement with a system of sanctions that penalize deviations from acceptable behavior (George C. Homans,...