Purpose

In this paper, we study the effect of induced positive and negative moods on traders' willingness to trade (pay and accept) in experimental asset markets.

Design/methodology/approach

We conduct experimental asset markets where subjects undergo a mood induction procedure prior to trade. After the subjects are induced with either negative or positive affect, they can trade an experimental asset with a known stream of dividends for a known number of periods.

Findings

We first show that both positive and negative affects are associated with larger positive deviations from fundamental values. We also show that when subjects are induced with positive mood, they bid higher prices but for fewer units of the stock. On the supply side, positive affect is associated with higher prices and quantities, and consequently in higher willingness to offer. Finally, we use our experimental data to test existing theories on mood effect. We find that negative affect is related to momentum trading, while positive affect is associated with information processing.

Originality/value

To our knowledge, this is the first work that studies the effect of mood on traders' behavior, rather than market outcomes.

中文翻译：

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情绪诱导对资产市场交易者偏好的影响——实验证据

目的

在本文中，我们研究了在实验性资产市场中诱发的积极和消极情绪对交易者交易（支付和接受）意愿的影响。

设计/方法/方法

我们进行实验性资产市场，受试者在交易前接受情绪诱导程序。在受试者受到负面或正面影响后，他们可以用已知的股息流在已知数量的时期内交易实验资产。

发现

我们首先表明，正面和负面影响都与基本价值的较大正面偏差有关。我们还表明，当受试者被诱导产生积极情绪时，他们出价更高，但购买的股票单位更少。在供应方面，积极影响与更高的价格和数量相关，因此更高的报价意愿。最后，我们使用我们的实验数据来测试现有的情绪效应理论。我们发现负面影响与动量交易有关，而正面影响与信息处理有关。

原创性/价值

据我们所知，这是第一项研究情绪对交易者行为影响的工作，而不是市场结果。