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Abstract. We report the results of an experiment that demonstrates that market experience is not necessary to eliminate bubbles in the type of asset markets studied in Smith et al. (1988) . We introduce a pre‐market phase in which subjects experience a dividend flow themselves by literally observing and receiving dividends for 12 periods. The robust bubble–crash phenomenon never occurs in our experiment. Our results provide strong evidence that so long as a majority of the subjects have full understanding of the structure of the dividend, market efficiency can be ensured.
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Papers that cite the same references — the relational fallback while embeddings are still backfilling.
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