Corrigendum to: Exp Econ (2015) 18:314–334 DOI 10.1007/s10683-014-9404-1
In the original version of the paper (currently available online first) we report incorrect values of RAD, RD, SPREAD, VOLA, and ST for one out of five treatments, namely
In this corrigendum we present the corrected values in the respective tables and detail changes in the reported results. Note that we only update those tables containing incorrect values and that only values concerning
are subject to changes. Overall, the values of RAD and RD reveal that markets are more efficient than previously reported, while values of SPREAD, VOLA, and ST are close to the values previously reported. The changes necessitate small correction in the results section listed in Table 1.Footnote 1
Table 1 Corrections, highlighted in bold face, in the results sections

Original paper |
Correction |
---|---|
Third paragraph |
|
In particular, RAD (mispricing) with 43.2 percent is significantly higher in R1(\) than in regimes R2(—), R3(/), and R4(tri) |
In particular, RAD (mispricing) with 43.2 percent is significantly higher in R1(\) than in each of the other regimes |
Fifth paragraph |
|
In particular, in R4(tri) and
|
In particular, in R4(tri) and
|
Sixth paragraph |
|
Average values for ST range from 2.63 to 3.83 for different regimes |
Average values for ST range from 2.63 to 3.98 for different regimes |
Table 2 Regime averages for RAD, RD, SPREAD, VOLA and ST

Regime |
Path |
RAD (%) |
RD (%) |
SPREAD (%) |
VOLA (%) |
ST |
---|---|---|---|---|---|---|
R1(\) |
43.2 |
39.9 |
16.6 |
9.7 |
3.67 |
|
R2(—) |
1.5 |
1.3 |
2.1 |
1.4 |
2.63 |
|
R3(/) |
15.9 |
−15.2 |
5.1 |
2.8 |
2.86 |
|
R4(tri) |
Path A |
8.1 |
−5.8 |
2.3 |
1.2 |
2.48 |
Path B |
11.7 |
11.5 |
6.8 |
2.7 |
4.08 |
|
|
Path A |
7.8 |
−3.1 |
10.0 |
5.7 |
3.68 |
Path B |
15.8 |
15.1 |
6.2 |
2.6 |
3.98 |
Table 3 Differences between regime averages (column minus row) in percentage points for RAD, RD, SPREAD, VOLA, and ST

RAD |
R2(—) |
R3(/) |
R4(tri) |
|
---|---|---|---|---|
R1(\) |
−41.7 %*** |
−27.3 %** |
−33.3 %** |
−31.4 %** |
R2(—) |
14.4 %*** |
8.4 %*** |
10.3 %*** |
|
R3(/) |
−5.9 % |
−4.1 % |
||
R4(tri) |
1.9 % |
RD |
R2(—) |
R3(/) |
R4(tri) |
|
---|---|---|---|---|
R1(\) |
−38.6 %*** |
−55.0 %*** |
−37.0 %** |
−33.9 %* |
R2(—) |
−16.5 %*** |
1.5 % |
4.7 % |
|
R3(/) |
18.0** |
21.2* |
||
R4(tri) |
3.2 |
SPREAD |
R2(—) |
R3(/) |
R4(tri) |
|
---|---|---|---|---|
R1(\) |
−14.5 %*** |
−11.5 %*** |
−12.1 %*** |
−8.5 %* |
R2(—) |
3.0 %** |
2.4 %* |
6.0 %** |
|
R3(/) |
−0.6 % |
3.0 % |
||
R4(tri) |
3.6 %* |
VOLA |
R2(—) |
R3(/) |
R4(tri) |
|
---|---|---|---|---|
R1(\) |
−8.3 %*** |
−6.9 %** |
−7.7 %*** |
−5.5 %** |
R2(—) |
1.4 %* |
0.6 % |
2.8 %** |
|
R3(/) |
−0.9 % |
1.4 % |
||
R4(tri) |
2.0 %* |
ST |
R2(—) |
R3(/) |
R4(tri) |
|
---|---|---|---|---|
R1(\) |
−1.04 |
−0.81 |
−0.39 |
0.16 |
R2(—) |
0.23 |
0.65 |
1.21 |
|
R3(/) |
0.42 |
0.97 |
||
R4(tri) |
0.55 |
*, **, *** and denote the 10 %, 5 % and 1 % significance levels, derived from double-sided Mann–Whitney U-tests
Table 5 Individual market results for RAD, RD, SPREAD, VOLA and ST for regimes R1(\) to

Regime |
Market |
RAD (%) |
RD (%) |
SPREAD (%) |
VOLA (%) |
ST |
---|---|---|---|---|---|---|
R1(\) |
1 |
25.6 |
16.7 |
16.2 |
16.1 |
2.08 |
2 |
44.7 |
44.4 |
15.9 |
11.2 |
5.79 |
|
3 |
54.9 |
54.5 |
36.0 |
5.5 |
3.28 |
|
4 |
8.5 |
1.2 |
8.0 |
5.0 |
3.36 |
|
5 |
65.9 |
62.9 |
13.4 |
7.8 |
3.65 |
|
6 |
59.4 |
59.4 |
10.3 |
12.6 |
3.87 |
|
Mean |
43.2 |
39.9 |
16.6 |
9.7 |
3.67 |
|
R2(—) |
1 |
0.1 |
0.0 |
0.4 |
0.2 |
2.60 |
2 |
0.9 |
0.6 |
5.1 |
4.6 |
3.04 |
|
3 |
0.9 |
0.2 |
2.7 |
1.6 |
1.30 |
|
4 |
5.9 |
5.9 |
1.4 |
0.6 |
2.13 |
|
5 |
0.5 |
0.5 |
1.5 |
0.7 |
4.30 |
|
6 |
0.7 |
0.7 |
1.6 |
0.8 |
2.41 |
|
Mean |
1.5 |
1.3 |
2.1 |
1.4 |
2.63 |
|
R3(/) |
1 |
7.1 |
−5.6 |
5.1 |
2.6 |
2.01 |
2 |
16.2 |
−15.2 |
3.9 |
1.5 |
2.32 |
|
3 |
1.1 |
−0.6 |
2.2 |
1.5 |
4.70 |
|
4 |
22.6 |
−22.3 |
4.8 |
1.8 |
1.20 |
|
5 |
28.0 |
−28.0 |
9.1 |
7.0 |
3.57 |
|
6 |
20.1 |
−19.2 |
5.7 |
2.5 |
3.40 |
|
Mean |
15.9 |
−15.2 |
5.1 |
2.8 |
2.86 |
|
R4(tri) |
1 (A) |
7.2 |
−6.8 |
1.5 |
1.0 |
3.53 |
3 (A) |
5.0 |
1.3 |
2.0 |
0.9 |
1.88 |
|
5 (A) |
12.0 |
−12.0 |
3.3 |
1.7 |
2.05 |
|
Mean |
8.1 |
−5.8 |
2.3 |
1.2 |
2.48 |
|
2 (B) |
14.1 |
13.7 |
7.2 |
3.7 |
7.94 |
|
4 (B) |
9.4 |
8.9 |
3.1 |
1.5 |
2.29 |
|
6 (B) |
11.7 |
11.7 |
10.1 |
2.9 |
2.01 |
|
Mean |
11.7 |
11.5 |
6.8 |
2.7 |
4.08 |
|
|
1 (A) |
6.2 |
−2.9 |
4.5 |
2.5 |
4.78 |
3 (A) |
8.4 |
−7.8 |
8.3 |
4.6 |
1.44 |
|
5 (A) |
9.0 |
1.4 |
17.2 |
10.0 |
4.81 |
|
Mean |
7.8 |
−3.1 |
10.0 |
5.7 |
3.68 |
|
2 (B) |
18.9 |
18.9 |
10.2 |
3.7 |
2.80 |
|
4 (B) |
20.1 |
20.1 |
4.5 |
2.0 |
6.15 |
|
6 (B) |
8.3 |
6.2 |
3.9 |
2.2 |
3.00 |
|
Mean |
15.8 |
15.1 |
6.2 |
2.6 |
3.98 |