Is financial instability male-driven? Gender and cognitive skills in experimental asset markets

The hypothesis that price stability would reliably increase with the fraction of women operating in financial markets has been frequently suggested in policy discussions. To test this hypothesis we conducted 10 male-only, 10 female-only and 10 mixed-gender experimental asset markets, and compared the effects of gender composition, confidence, risk attitude and cognitive skills. Male and female markets have comparable volatility and deviations from fundamentals, whereas mixed-gender markets are substantially more stable. On the other hand, higher average cognitive skills of the group are associated with reduced market volatility. Individual-level analysis shows that subjects with higher cognitive skills trade at prices closer to fundamental values and earn significantly higher profits; similarly, mixed markets exhibit lower mispricing, particularly for traders with lower cognitive skills. Our results are demonstrated to hold in other experimental asset market studies, suggesting that a mixed-gender composition reduces mispricing across different types of asset markets.

MOOCs, Open educational resources and social networking: bridging the gap between informal and formal learning

MOOCs and open educational resources (OER) provide a wealth of learning opportunities for people around the globe, many of whom have no access to formal higher education. OER are often difficult to locate and are accessed on their own without support from or dialogue with subject experts and peers. This paper looks at whether it is possible to develop effective learning communities around OER and whether these communities can emerge spontaneously and in a self-organised way without moderation. It examines the complex interplay between formal and informal learning, and examines whether MOOCs are the answer to providing effective interaction and dialogue for those wishing to study at university level for free on the Internet.