The Paper reports a basic Experiment on the option pricing approach. Each trader with an increasing utility for money values the option with his arbitrage free price, which is independent of the probability of the stock movement. The experimental data show that the traiders learn to exploit more...

Dieser Aufsatz beschreibt ein Optionsbewertungsexperiment zum Binomialmodell, das mit professionellen Tradern von Finanztiteln durchgeführt wurde. Die Ergebnisse dieses Experiments werden mit denen eines entsprechenden Versuchs mit Studenten verglichen. Es zeigt sich, daß die professionellen...

We compare the behaviour of students and professional traders from an influential German bank in an experiment involving financial options. The arbitrage free option price is independent of the probability distribution of the underlying asset. The experimental data uncover a probability...

We compare the behaviour of students and professional traders from an influential German bank in an experiment involving financial options. The arbitrage free option price is independent of the probability distribution of the underlying asset. The experimental data uncover a probability...