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H. Shefrin, M. Statman (1985)
The disposition to sell winners too early and ride losers too long
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This paper reports the results of twelve experimental markets designed to investigate whether a costly private information system decreases the propensity of price bubbles to form. A private information system is hypothesized to decrease traders' subjective uncertainty about the behavior of other traders by reinforcing common expectations for all traders. Results show that private information does not eliminate price bubbles, but asset prices converge toward the rational expectations predictions with trader experience. The price of private information is related to the expected gains derived from asset trading.
The Journal of Financial Research – Wiley
Published: Sep 1, 1991
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