We present an analysis of the data gathered during eight double auction experimental sessions. The aim of this analysis is to assess the effect of the subjects’ working memory skills and personality traits on their performances. In the experiments, the subjects had to sequentially face four markets with different structures. We defined the strategies as the combinations of rounds at which the various tokens were bought. We found that the subjects separated into a few classes characterized by different strategies. Moreover, we found that, in general, the group that reached the best strategy was associated with higher working memory test scores than the other groups. However, we also found that the relationship between working memory and performance depends on the market structure. Finally, we found some evidence that, at least within some market structures, personality traits such a hard-working attitude, an easygoing and an outgoing personality were associated with better performance.
Advances in Behavioral Finance & Economics, 2(2), 41-75