By Charles Noussair, Steven Tucker
Comprised of 10 surveys by way of top students, this assortment showcases the biggest and quickest becoming strands of analysis on marketplace behaviour in experimental economics.
- Covers issues comparable to asset markets, contests, environmental coverage, frictions, basic equilibrium, labour markets, multi-unit auctions, oligopoly markets, and prediction markets
- Focuses at the literature that has helped economists most sensible know how markets operate
- Assesses the influence of advancements in idea, coverage, and study methods
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Extra info for A collection of surveys on market experiments
Convergence to the globally stable interior equilibrium was attained in each relevant session. In each interior-unstable session of both papers, mean prices across periods adjusted in the direction consistent with the tˆatonnement phase space; the elliptical trajectory of prices in the ( px , p y ) plane was unmistakable. In Anderson et al. (2004), no session completed more than one cycle of prices due to insufficient time to run more periods (sessions lasted about 3 h), and some sessions did not complete a full cycle.
Both of these literatures are typically viewed to have ended in failure for GE theory. But these double auction experiments suggest that when strong income effects destabilize an economy theoretically under tˆatonnement, they also destabilize its laboratory counterpart across periods in a remarkably similar fashion. The provocative but straightforward interpretation of this result is that under some conditions on preferences, the basin of attraction consistent with tˆataonnement dynamics is a more useful benchmark than competitive equilibrium.
But in the Walrasian case trade for each agent follows excess demand, while in the Marshallian case net trade for a given good (which for the same price will have the same sign as local Walrasian trade) is weighted by the marginal utility of that good relative to the marginal utility of other agents. Under strong conditions the two processes can imply identical dynamics, but not in general. The authors also incorporate lagged prices to reflect the fact that prices can change while an individual is formulating and executing his action.