April - 2020
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László Á. Kóczy

studied at the University of Cambridge and at the Catholic University of Leuven, where he also defended his PhD theses. He has been affiliated with Maastricht University; since 2007 he is an associate professor at the Keleti Faculty of Business and Management, Óbuda University, Budapest. In 2010, he was the first social scientist grantee of the prestigious Momentum Programme of the Hungarian Academy of Sciences to set up a research team in Game Theory. He is currently a seniour research fellow and the head of the Game Theory Research Grouo at the Institute of Economics, Centre for Economics and Regional Studies, Hungarian Academy of sciences. His reseach interests include cooperative game theory and its applications, allocation problems and methods, scientometrics. His latest book on partition function form games is forthcoming at Springer International.

Balázs Sziklai

graduated as an economist at the Corvinus University of Budapest in 2005. He started to work as a market researcher at AGB Hungary (now: Nielsen Audience Measurement). One year later he began his mathematical studies at ELTE. In 2008 he was admitted in the fellowship program of the Central European University. He received his second degree in mathematics in 2010 and later that year he joined the Game Theory Research Group of the Institute of Economics. He also teaches as a senior lecturer at the Corvinus University of Budapest. He acquired his PhD degree in applied mathematics at ELTE in 2016. His research interest involves fair division and social choice problems.

Hubert János Kiss

graduated at the Budapest University of Economic Sciences in 2003. After two years working as a financial analyst, he went on to study at the Universidad de Alicante to obtain a PhD in Economics in 2009. After he worked as an assistant professor for two years at the Universidad Autónoma de Madrid. In 2011 he returned to Hungary and has been teaching in the Department of Economics at Eötvös Loránd University. He joined the Institute of Economics in 2013. His main research interests are bank runs, experimental and behavioral economics.

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László Á. Kóczy, Ágnes Pintér, Balázs Sziklai, Hubert János Kiss: Does Risk Sorting Lead to Bubbles?

In the last decades, experimental economics has proved to be a valuable tool to understand why and how bubbles form. The experimental asset market literature studied how traits of the traders, expectations and features of the market mechanism affected the emergence of bubbles. Two recent experimental results indicate that some kind of sorting may mitigate the formation of bubbles. Eckel and Füllbrunn (2015) fi nd that markets formed by females have less/smaller bubbles than markets formed by males. Bosch et al. (forthcoming) report that on markets composed of subjects with better cognitive abilities no bubbles arise. There is an apparent paradox between these two results as males generally perform better in cognitive tasks (Frederick 2005). These results are less perplexing if we take into consideration the underlying risk attitudes of the participants - males are known to be less risk averse than females. In this paper, we investigate whether risk sorting is the driving force that leads to asset market bubbles.

Last modified: 2018.11.30.