然而，當市場基本價值交易者人數超過非基本價值交易者，非基本價值交易者報酬不會低到無法交易。相反，當市場非基本價值交易者人數超過基本價值交易者，基本價值交易者報酬也不會低到無法交易。另外，資產價格波動程度大的市場相對於資產價格波動程度小的市場，交易者平均報酬會顯著較高。 This study applies z-tree to simulate trading in asset market. We design two types of software traders/agent, one is fundamental-value trader and the other is zero-intelligence trader. The asset market is composed of nine traders who have complete information and all of them should know the fundamental value of assets. We completed nine market experiments and each experiment has 24 repeated sessions. Each trader has identical endowment. However, the composite of the endowments is different. The proportion of stock number and experiments money is initially different. The different affects the change of asset price and investment return. In our study, we will focus on the influence caused by experienced investors and fundamental-value traders
The experiment results show that different composites of endowments induce different average returns for traders. Those who have endowment with high cash and low stock number will get higher average returns than other composite of endowments. It’s good for investors who have plenty of cash because they can choose to buy stocks with lower price from the beginning and sell them with high price in the end, and then earn more experimental currency. It isn’t significant for the effect of the asset price of change, when traders’ endowments are different. In addition, investors refer to the information in the past as their investment strategy that brings about the asset price is approximately equal to asset fundamental value, and the bubble size is decreasing or being beforehand. Fundamental value traders lead the market prices close to fundamental values. When the fundamental value price is closer to fundamental values, it will be more effective.
However, when the numbers of fundamental value traders are more than the numbers of the non-fundamental value traders, the returns of non-fundamental value traders are not low enough to carry out transactions. On the contrary, when the numbers of the non-fundamental value traders are more than the numbers of fundamental value traders, the returns of fundamental value traders are not low enough to carry out transactions. The traders''average returns are significantly higher in the markets with larger fluctuation of asset price than the smaller ones.