题  目：An experiment on the use of verbal protocols to compare the trading of Individuals and Teams in Experimental Asset Markets

主讲人：张琨，副教授，河北经贸大学

主持人：杨丹，副教授，北京师范大学经济与工商管理学院

地  点：后主楼1610

时  间：5月31日 12:45-14:30

Abstract: This paper reports an experiment that compares how the trading decisions of single individuals differ from those made by teams of individuals. The experimental design introduces a new protocol for team-decision making that involves the recording of the messages exchanged between the (anonymous) team members. The experiment also varies the process that governs the path of the fundamental value of the asset being traded. The main finding of the study is that team decision-making does not result in less mispricing of the asset. However, individual decision-making leads to more extreme market outcomes than team decision-making in both markets. The content of the messages exchanged within a team allows us to uncover its members’ reasoning, and helps to devise an improved method to classify traders into different types.

主讲人简介：张琨博士，毕业于英国阿伯丁大学（国家公派博士），现任河北经贸大学副教授。主要从事行为金融学、实验经济学方向的研究。