“…A large experimental literature has followed Smith, Suchanek, and Williams (1988) in analyzing laboratory asset market trading (see, for example, King et al 1993; Van Boening, Williams, and LaMaster 1993;Porter and Smith 1995;Fisher and Kelly 2000;Lei, Noussair, and Plott 2001;Noussair, Lei, and Plott 2001;Dufwenberg, Lindqvist, and Moore 2005;Ackert, Church, and Zhang 2008). In all of these studies, a market is created for a dividendpaying asset with a lifetime of a finite number of periods, and the asset structure is common knowledge.…”