A collection of surveys on market experiments by Charles Noussair, Steven Tucker

By Charles Noussair, Steven Tucker

Comprised of 10 surveys through best students, this assortment showcases the biggest and quickest turning out to be strands of analysis on industry behaviour in experimental economics. 

  • Covers issues akin to asset markets, contests, environmental coverage, frictions, normal equilibrium, labour markets, multi-unit auctions, oligopoly markets, and prediction markets
  • Focuses at the literature that has helped economists top know the way markets operate
  • Assesses the influence of advancements in concept, coverage, and examine methods

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Paper Friedman [1984] Friedman [1991] Easley and Ledyard [1993] Gode and Sunder [1993] Cason and Friedman [1996] Gjerstad and Dickhaut [1998] Asparouhova, Bossaerts, and Ledyard [2011a] Gjerstad [2013] Description No congestion equilibrium - No one would retroactively change her ending bid/ask after period ends. Bayesian agents view market actions by others as draws from exogenous distribution; rational but not strategic. Assume reservation price strategy; bids/asks move towards value/cost by end of period.

Following a brief review of criticism that has contributed to GE’s decline, this paper will argue that evidence from laboratory experiments during the past decade suggests the theory’s weaknesses have been exaggerated and can be addressed. Criticism of GE has centered on three themes: (1) Homo economicus is an implausible description of human behavior; (2) GE theory puts no testable structure on how prices and expectations become coordinated on equilibrium values; and (3) Even strong restrictions on individual preferences cannot rule out “perverse” aggregate excess demand functions that can induce multiple and/or unstable equilibria.

Paper Friedman [1984] Friedman [1991] Easley and Ledyard [1993] Gode and Sunder [1993] Cason and Friedman [1996] Gjerstad and Dickhaut [1998] Asparouhova, Bossaerts, and Ledyard [2011a] Gjerstad [2013] Description No congestion equilibrium - No one would retroactively change her ending bid/ask after period ends. Bayesian agents view market actions by others as draws from exogenous distribution; rational but not strategic. Assume reservation price strategy; bids/asks move towards value/cost by end of period.

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