Abstract
Do women and men behave differently in financial asset markets? Our results from an asset market experiment using the Smith, Suchaneck, and Williams (1988) framework show marked gender difference in producing speculative price bubbles. Using 35 markets from different studies, a meta-analysis confirms the inverse relationship between the magnitude of price bubbles and the frequency of female traders in the market. Women’s price forecasts also are much lower, even in the first period. Additional analysis shows the results are not due to differences in risk aversion, personality, or math skills. Implications for financial markets and experimental methodology are discussed.
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