Politická ekonomie 2007, 55(3) | DOI: 10.18267/j.polek.601
Existence procesu učení na umělém akciovém trhu
Existence of the learning process at a proxy stock market
Learning is a subject of intense research in economics. We present persuasive evidence that learning took place among uninformed heterogeneous agents during a large-scale naturally-occurring set of auctions. Empirical study employs a unique bidding data set of 5000 individual investors that placed their bids in the voucher scheme that in terms of size, incentives, and variation is one of the largest experiments ever conducted. To detect and quantify learning we develop new measures of individual performance during the bidding process on the artificial stock market where prices of goods vary over successive stages of bidding on the basis of supply and demand.
Keywords: privatization, economic transformation, learning, natural experiment, naturally-occurring auction, proxy stock market, heterogeneous agents
JEL classification: C14, C93, D44, D82, D83, G14, P43
Published: June 1, 2007 Show citation
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