| Abnormal fluctuations in financial asset prices will cause financial instability and seriously affect economic development.Specifically,the frequent sharp rise and fall of financial assets not only affects the normal function of the financial market,making the financial market unable to accurately reflect the current state of the country’s economic development in a timely manner,but also unable to realize the financing function of the financial market,and even unable to give full play to the function of the financial market in optimizing the allocation of resources.Therefore,this paper believes that it is necessary to conduct in-depth research on the factors affecting the abnormal fluctuation of asset prices.As we all know,social comparison is the core feature of human social life.People usually compare themselves with others,and upward comparison choices will have a significant impact on performance in important real environments.When giving upward reference information,people show upward motivation in comparison to confirm their similarity with other better people and learn from them.Previous studies have shown that in the financial asset market,rational traders who are informed of upward reference information are more inclined to seek risks,because they are eager to become the highest gainers,thus showing greater demand for risky assets.If the market price is significantly affected by rational traders,their greater demand for assets in the upward reference market will lead to higher asset prices,and even asset prices far deviate from the basic value,thus generating bubbles.Therefore,in order to deeply study the influence of upward reference information in the financial asset market,this paper starts from two angles of upward social comparison: relative ranking comparison and relative income comparison,based on the typical asset price bubble collapse model proposed by Smith et al.(1988),uses experimental methods to simulate the real scene in the laboratory,taking into account the difference in endowment,and divides the experiment into two markets:asset trading markets with equal endowment and unequal endowment.Each market is set up with three experimental bureaus respectively: NOINFO Experimental Bureau,INFOH-A Experimental Bureau and INFOH-B Experimental Bureau.In the NOINFO laboratory,no information is provided;In INFOH-A Experimental Bureau,traders are regularly provided with the number information of the highest gainer in the market;In INFOH-B Experimental Bureau,traders are regularly provided with the number and income information of the highest gainer in the market.The experimental results show that providing the trading information of the highest-yielding traders in the two markets with equal and unequal endowments has a significant impact on the investment decisions and market results of other traders in the market.In addition,the announcement of the number and income information of the highest-yielding investor has the greatest effect on the investment behavior of other traders and produces the largest market bubble.In addition,in markets with different endowments,blindly following the investment decisions of the highest-yielding investors weakens,but the market produces a bigger bubble.Finally,according to the experimental results,this paper puts forward some policy suggestions from the individual level and the government level respectively. |
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