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Companion tables report p-values from two-sided Wilcoxon signed-rank tests, with each null hypothesis stated in the notes.\",\"units_stated_in_notes\":false,\"standard_errors_description\":\"none\"},\"figures\":{\"uncertainty_shown\":\"no\",\"notes_placeholder_removed\":null},\"conclusion\":{\"bounded_claims\":true,\"policy_implications\":false,\"open_questions\":true,\"restates_contribution\":true},\"hedging\":{\"level\":\"moderate\",\"typical_devices\":[\"'it is likely that' when extrapolating from the lab to the field\",\"conditioning results on subject experience\",\"'a priori unclear' framing of the question\",\"explicit acknowledgment that field tests lack control\"]},\"claim_evidence\":[{\"claim\":\"Subjects learn to set IPO prices close to equilibrium after a few rounds\",\"evidence_type\":\"table\",\"evidence_ref\":\"Tables I-II, Figure 8\"},{\"claim\":\"Deviations of market prices from fundamentals shrink with experience and bubbles disappear\",\"evidence_type\":\"table\",\"evidence_ref\":\"Tables III-IV, Figure 7\"},{\"claim\":\"No prior experiment studies bonds whose default probability depends on the IPO price\",\"evidence_type\":\"prior_literature\",\"evidence_ref\":\"Intro paragraphs 1-3; surveys by Bossaerts, Noussair & Tucker, Palan\"},{\"claim\":\"Equilibrium fundamental values and default probabilities follow from the reduced-form and structural models\",\"evidence_type\":\"equation_or_proof\",\"evidence_ref\":\"Section I; Figures 1-2, 5-6\"}],\"structural_summary\":\"The introduction motivates the topic through the feedback from IPO prices to default risk and claims the first experimental study of such assets. It then positions the paper against experimental asset-market work, the contingent-convertible feedback experiment, and research on uniform-price multiunit auctions, without a visible roadmap. Next come two lab-implementable models, reduced-form and structural, with numerically computed equilibria. The two experiments with their treatments are described, followed by results comparing IPO and market prices with equilibrium using nonparametric tests on independent groups. The conclusion restates the convergence finding, suggests implications for experimental methodology, and cautiously extrapolates to field markets.\",\"writing_profile_keywords\":[\"laboratory experiment\",\"feedback effects\",\"equilibrium benchmark\",\"learning across rounds\",\"nonparametric tests\",\"first-study claim\",\"editor-suggested extension\"],\"confidence\":0.8,\"notes\":\"The second experiment and structural model were added at the editors' suggestion, as acknowledged in the text. 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