摘要翻译：
我们分析了一个在实验室进行的受控价格形成实验，该实验显示了泡沫的证据。我们校准了两个模型，它们以高统计意义证明，由于正反馈，这些实验室气泡有比指数增长更快的趋势。我们发现，正反馈是由交易者根据过去的价格而不是已实现的回报，不断提升对未来回报的过于乐观的预期而运作的。
---
英文标题：
《Super-exponential bubbles in lab experiments: evidence for anchoring
  over-optimistic expectations on price》
---
作者：
Andreas H\"usler, Didier Sornette, Cars H. Hommes
---
最新提交年份：
2012
---
分类信息：

一级分类：Quantitative Finance        数量金融学
二级分类：Trading and Market Microstructure        交易与市场微观结构
分类描述：Market microstructure, liquidity, exchange and auction design, automated trading, agent-based modeling and market-making
市场微观结构，流动性，交易和拍卖设计，自动化交易，基于代理的建模和做市
--

---
英文摘要：
  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 that these laboratory bubbles have a tendency to grow faster than exponential due to positive feedback. We show that the positive feedback operates by traders continuously upgrading their over-optimistic expectations of future returns based on past prices rather than on realized returns.
---
PDF链接：
https://arxiv.org/pdf/1205.0635