2019
DOI: 10.2139/ssrn.3387603
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Reconsidering Rational Expectations and the Aggregation of Diverse Information in Laboratory Security Markets

Abstract: The ability of markets to aggregate diverse information is a cornerstone of economics and finance, and empirical evidence for such aggregation has been demonstrated in previous laboratory experiments. Most notably Plott and Sunder (1988) find clear support for the rational expectations hypothesis in their Series B and C markets. However, recent studies have called into question the robustness of these findings. In this paper, we report the result of a direct replication of the key information aggregation resul… Show more

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