Daniel Harper, a fifth year graduate student, presented two of his papers at the Economics Science Association's 2021 North American Meeting in Tucson, AZ. The first paper, “The efficient market hypothesis in experimental asset markets: Private information, public information, and bubbles,” co-authored with Charles Holt and Margaret Isaacson (UVA Econ BA 2021), finds that markets do not fully disseminate private information over the returns to durable goods. However, increasing the proportion of traders with private information over these returns reduces overpricing.
Daniel also presented early results from a working paper, co-authored with Charles Holt., titled “Behavioral influences on investment and production in asset markets: An experimental study,” which develops an experimental asset market where traders endogenously produce and trade durable assets and investigates how liquid cash, market prices, and beliefs over future prices affect decisions to produce assets. Vernon Smith (Economics Nobel Laureate 2002) attended this presentation.