By Charles Noussair, Steven Tucker

Comprised of 10 surveys by way of best students, this assortment showcases the most important and quickest transforming into strands of study on marketplace behaviour in experimental economics. 

  • Covers issues reminiscent of asset markets, contests, environmental coverage, frictions, common 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 impression of advancements in thought, coverage, and examine methods

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Unfortunately, these models do not imply all of the main features of double auctions data. Cason and Friedman (1996) tested the extant models (Friedman (1991), Gode and Sunder (1993), and a strategic game theoretic model of Wilson (1987)) in a series of experiments and found consistency on some dimensions but relatively weak fits overall. Gjerstad and Dickhaut (1998) subsequently developed a model that explains a bit more of the data. The model is related most closely to Friedman (1991), in that agents perceive the double auction nonstrategically, as a game against nature, but agents are frequentists rather than Bayesians.

2 Within-Period Dynamics Most naturally occurring markets do not exhibit the extreme stationarity exhibited in the experimental markets reviewed above. Endowments need not be refreshed deterministically,10 and individual market participants often enter and exit the market asynchronously. Thus what happens within a given period of a market is important. Early papers in this area, the so-called “non-tˆatonnement literature,” imposed plausible restrictions on individual/aggregate behavior such that all trade operating under these restrictions would necessarily converge to the Pareto set.

2007) Gift exchange in a multi-worker firm. Economic Journal 117: 1025–1050. , Sloof, R. and Sonnemans, J. (2013) Gift exchange and the separation of ownership and control. Games and Economic Behavior 77: 41–60. Nosenzo, D. (forthcoming). Pay secrecy and effort provision Economic Inquiry. , Plott, C. and Riezman, R. (1995) An experimental investigation of the patterns of international trade. American Economic Review 85: 462–491. , Plott, C. and Riezman, R. (2007) Production, trade and exchange rates in large experimental economies.

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