Table 1.

Performance measures for each stock game.

	Trend 1		Trend 2		Trend 3		Trend 4
	Mean	SD	Mean	SD	Mean	SD	Mean	SD
Average return on original endowment	−5.28%	5.44%	5.83%	3.66%	5.38%	1.46%	−5.46%	6.16%
Total trading volume	£49,963.46	£31,312.61	£17,195.87	£22,496.61	£35,970.06	£23,791.26	£13,823.91	£9,423.69
Average trading volume in each period	£5,551.50	£7,849.88	£1,878.83	£6,222.53	£3,904.71	£5,488.05	£1,513.55	£2,664.54
Return of “perfect” trader on original endowment	13.96%	–	13.67%	–	13.40%	–	11.25%	–

SD stands for standard deviation. The “perfect” trader is a fictitious trader who invests all money into shares when the share price subsequently increases and invests all money into the bank when the share price subsequently decreases.