Lei, Noussair and Plott argue that the familiar bubble and crash pattern observed in markets for financial assets may be caused by "excess trading" on the part of traders in the context of lab experiments. What do the authors mean by "excess trading"? How do they test this hypothesis by setting up a second market and what are the characteristics of that market?

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The Answer of Lei, Noussair and Plott argue that the familiar bubble and crash pattern observed in markets for financial assets may be caused by "excess trading" on the part of traders in the context of lab experiments. What do the authors mean by "excess trading"? How do they test this hypothesis by setting up a second market and what are the characteristics of that market?

Lei, Noussair and Plott Argue That the Familiar Bubble and Crash