3 papers
q-fin.TR2026
Machine Spirits: Speculation and Adaptation of LLM Agents in Asset Markets
Maxime Saxena, Marco Pangallo, Cars Hommes +2
As Large Language Models (LLMs) become increasingly integrated into financial systems, understanding their behavioural properties is crucial. Do LLMs conform to the rational expect…
q-fin.GN2015
Do investors trade too much? A laboratory experiment
Joao da Gama Batista, Domenico Massaro, Jean-Philippe Bouchaud +2
We run experimental asset markets to investigate the emergence of excess trading and the occurrence of synchronised trading activity leading to crashes in the artificial markets. T…
q-fin.TR2012
Super-exponential bubbles in lab experiments: evidence for anchoring over-optimistic expectations on price
Andreas Hüsler, Didier Sornette, Cars H. Hommes
We analyze a controlled price formation experiment in the laboratory that shows evidence for bubbles. We calibrate two models that demonstrate with high statistical significance th…