Social interactions and asset pricing bubbles

Last registered on August 12, 2019
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Pre-Trial

Trial Information

General Information

Title
Social interactions and asset pricing bubbles
RCT ID
AEARCTR-0004315
Initial registration date
June 13, 2019

Initial registration date is when the trial was registered.

It corresponds to when the registration was submitted to the Registry to be reviewed for publication.

First published
June 29, 2019, 4:24 PM EDT

First published corresponds to when the trial was first made public on the Registry after being reviewed.

Last updated
August 12, 2019, 5:53 AM EDT

Last updated is the most recent time when changes to the trial's registration were published.

Locations

Country
Germany
Region
Paderborn

Primary Investigator

Name
Matthias Pelster
Affiliation
Duisburg-Essen University
Contact Primary Investigator

Other Primary Investigator(s)

PI Name
Sören Steiger
PI Affiliation

Additional Trial Information

Status
Completed
Start date
2019-07-03
End date
2019-08-01
Keywords
Finance & Microfinance
Additional Keywords
social interactions, investor behavior, trading activity, feedback, bubbles
JEL code(s)
G11, G12
Secondary IDs
Abstract
With the help of this randomized controlled experiment, we intend to investigate the influence of social interactions on asset markets.
External Link(s)

Registration Citation

Citation
Pelster, Matthias and Sören Steiger. 2019. "Social interactions and asset pricing bubbles." AEA RCT Registry. August 12. https://doi.org/10.1257/rct.4315-3.0
Former Citation
Pelster, Matthias and Sören Steiger. 2019. "Social interactions and asset pricing bubbles." AEA RCT Registry. August 12. https://www.socialscienceregistry.org/trials/4315/history/51571
Sponsors & Partners
Experimental Details

Interventions

Intervention(s)
The experimental design follows the bubble game experiment by Caginalp et al. (2001), which was also used by Andrade et al. (2016).
Intervention Start Date
2019-07-03
Intervention End Date
2019-08-01

Primary Outcomes

Primary Outcomes (end points)
highest price per market above fundamental value
Primary Outcomes (explanation)

Secondary Outcomes

Secondary Outcomes (end points)
Secondary Outcomes (explanation)

Experimental Design

Experimental Design
The experimental design follows the bubble game experiment by Caginalp et al. (2001), which was also used by Andrade et al. (2016).
Experimental Design Details
With the help of this randomized controlled experiment, we intend to investigate the influence of social interactions on asset markets. The study will provide an empirical test of the hypothesis that social interactions increase asset pricing bubbles. The experimental design follows the bubble game experiment by Caginalp et al. (2001) and Andrade et al. (2016). In our treatment condition, we allow participants to interact with each other. In the control condition however, participants may not engage in any social interation.
Randomization Method
Randomization done in office by a computer
Randomization Unit
experimental market
Was the treatment clustered?
Yes

Experiment Characteristics

Sample size: planned number of clusters
20 markets
Sample size: planned number of observations
180 students
Sample size (or number of clusters) by treatment arms
10 control markets, 10 treatment markets
Minimum detectable effect size for main outcomes (accounting for sample design and clustering)
Supporting Documents and Materials

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IRB

Institutional Review Boards (IRBs)

IRB Name
German Association for Experimental Economic Research e.V.
IRB Approval Date
2019-06-13
IRB Approval Number
EeLVdPRe
Analysis Plan

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Post-Trial

Post Trial Information

Study Withdrawal

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Intervention

Is the intervention completed?
Yes
Intervention Completion Date
August 01, 2019, 12:00 +00:00
Data Collection Complete
Yes
Data Collection Completion Date
August 01, 2019, 12:00 +00:00
Final Sample Size: Number of Clusters (Unit of Randomization)
21 markets
Was attrition correlated with treatment status?
No
Final Sample Size: Total Number of Observations
21 markets with 9 students per market
Final Sample Size (or Number of Clusters) by Treatment Arms
11 social interactions markets, 10 control markets
Data Publication

Data Publication

Is public data available?
No

Program Files

Program Files
Reports, Papers & Other Materials

Relevant Paper(s)

Reports & Other Materials