Emotional State and Market Behavior

被引：60
|
作者：
Breaban, Adriana [1 ]
Noussair, Charles N. [2 ]
机构：
[1] Chapman Univ, Orange, CA 92866 USA
[2] Univ Arizona, Tucson, AZ 85721 USA
来源：
REVIEW OF FINANCE | 2018年 / 22卷 / 01期
关键词：
Emotions; Bubbles; Experiment; Facereader; POSITIVE AFFECT; ASSET MARKETS; RISK; BUBBLES; CRASHES; MOOD; EXPECTATIONS; FEAR;
D O I：
10.1093/rof/rfx022
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We consider the relationship between trader emotions and asset market behavior. We create experimental asset markets with the structure first studied by Smith, Suchanek, and Williams (1988), which is known to generate price bubbles and crashes. To track traders' emotions in real time, we analyze participants' facial expressions with facereading software before and while the market is operating. We find that a positive emotional state correlates with purchases and overpricing. Fear correlates with selling, low prices, and price decreases. The experiment confirms the intuition that emotions and market dynamics are closely related.
引用
收藏
页码：279 / 309
页数：31
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