CAJ | 학술논문

介绍一个集合竞价出清机制下的金融实验，利用实验数据对实验者价格预期的形成进行深入研究，发现实验者价格预期依赖于市场最新信息，并对信息进行简单线性加工；动量策略是一种典型的价格预期策略；实验者的价格预期有显著的一致性；市场泡沫与实验者预期有非常密切的联系。
개소일개집합경개출청궤제하적금융실험，이용실험수거대실험자개격예기적형성진행심입연구，발현실험자개격예기의뢰우시장최신신식，병대신식진행간단선성가공；동량책략시일충전형적개격예기책략；실험자적개격예기유현저적일치성；시장포말여실험자예기유비상밀절적련계。
Research on the formation of price predictions was conducted in a financial experiment under the call option mechanism. It was found in the experiment that all groups of participants made predictions with latest market news and processed it in a simple linear way;the momentum investment strategy was a typical price prediction strategy;the partic-ipants coordinated on a common prediction strategy;bubbles of the market were closely related to participants' predic-tions.