Field experiments in markets (behavioral anomalies in markets disappear when traders are experienced)

From Tyler Cowen.

"There is a new NBER working paper from Omar Al-Ubaydli and John A. List:

This is a review of the literature of field experimental studies of markets. The main results covered by the review are as follows: (1) Generally speaking, markets organize the efficient exchange of commodities; (2) There are some behavioral anomalies that impede efficient exchange; (3) Many behavioral anomalies disappear when traders are experienced.

This is the best survey article on these claims that I know."