|
The goals of experimental finance are to understand human and market behavior in settings relevant to finance. Experiments are synthetic economic environments created by researchers specifically to answer research questions. This might involve, for example, establishing different market settings and environments to observe experimentally and analyze agents' behavior and the resulting characteristics of trading flows, information diffusion and aggregation, price setting mechanism and returns processes. Fields to which experimental methods have been applied include corporate finance, asset pricing, financial econometrics, international finance, personal financial decision-making, macro-finance, banking and financial intermediation, capital markets, risk management and insurance, derivatives, quantitative finance, corporate governance and compensation, investments, market mechanisms, SME and microfinance and entrepreneurial finance.〔Lucey, Brian M. (August 26, 2013). A New Journal – Journal of Behavioral and Experimental Finance. http://brianmlucey.wordpress.com/2013/08/26/a-new-journal-journal-of-behavioral-and-experimental-finance/〕 Researchers in experimental finance can study to what extent existing financial economics theory makes valid predictions and attempt to discover new principles on which theory can be extended. Experimental finance is a branch of experimental economics and its most common use lies in the field of behavioral finance. ==History== In 1948, Chamberlin reported results of the first market experiment.〔Chamberlin, Edward H. (1948). ("An Experimental Imperfect Market" ). Journal of Political Economy, 56(2), 95-108.〕 Since then the acceptability, recognition, role, and methods of experimental economics have evolved. From the early 1980s on a similar pattern emerged in experimental finance.〔Sunder, Shyam. (June, 2013). Experimental Finance: Responsibilities of Coming of Age. Society for Experimental Finance, Tilburg University, Tilburg, The Netherlands. http://faculty.som.yale.edu/shyamsunder/Research/Experimental%20Economics%20and%20Finance/Presentations%20and%20Working%20Papers/Tilburg-Jun2013/SEFAddressTilburgJune2013.ppt〕 The foundational work in experimental finance was the work of Forsythe, Palfrey and Plott (1980),〔Forsythe, R., Palfrey, T. and Plott, C. R. (1982). (“Asset Valuation in an Experimental Market” ). Econometrica, 50(3), 537-568.〕 Plott and Sunder (1982),〔Plott, C. R. and Sunder, S. (1982). (“Efficiency of Experimental Security Markets with Insider Information: An Application of Rational Expectations Models” ), Journal of Political Economy, 90(4), 663-698.〕 and Smith, Suchanek and Williams (1988).〔Smith, V. L., Suchanek, G. and Williams, A. (1988). (“Bubbles, Crashes, and Endogenous Expectations in Experimental Spot Asset Markets” ), Econometrica, 56(5), 1119-1151.〕 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「experimental finance」の詳細全文を読む スポンサード リンク
|