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We analyze a controlled price formation experiment in the laboratory thatshows evidence for bubbles. We calibrate two models that demonstrate with highstatistical significance that these laboratory bubbles have a tendency to growfaster than exponential due to positive feedback. We show that the positivefeedback operates by traders continuously upgrading their over-optimisticexpectations of future returns based on past prices rather than on realizedreturns.

Super-exponential bubbles in lab experiments: evidence for anchoring over-optimistic expectations on price