By Charles Noussair, Steven Tucker
Comprised of 10 surveys via prime students, this assortment showcases the most important and quickest starting to be strands of analysis on marketplace behaviour in experimental economics.
- Covers themes similar to 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 most sensible know how markets operate
- Assesses the effect of advancements in concept, coverage, and study methods
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Extra info for A collection of surveys on market experiments
Plott (2001) makes this point powerfully in his Nobel Symposium address. GE theory does not need well-behaved aggregate excess demand functions to make strong predictions about market outcomes. , 2011, respectively) confirm that even when excess demand functions are ridiculously perverse, there remain strong regularities in price and allocation dynamics which give clear hope for recovering a general structural model of aggregate behavior in large interconnected markets. A better understanding of market dynamics makes the Sonnenschein–Mantel–Debreu result considerably less daunting.
Scandinavian Journal of Economics 114: 1346–1367. Gneezy, U. A. (2006) Putting behavioral economics to work: testing for gift exchange in labor markets using field experiments. Econometrica 74: 1365–1384. , Kagel, J. and Moser, D. (2002) Partial gift exchange in an experimental labor market: impact of subject population differences, productivity differences, and effort requests on behavior. Journal of Labor Economics 20: 923–951. , Rockenbach, B. and Sadrieh, K. (2010) In search of workers’ real effort reciprocity – a field and a laboratory experiment.
The authors emphasized that the order of reservation prices across agents is not necessarily related to the order of true values/costs; such an outcome could potentially be supported within the Friedman (1991) framework through heterogeneous risk preferences. 40 CROCKETT Gode and Sunder (1993) developed an important insight with their “zero intelligence” (ZI) model of within-period dynamics. 11 Agents transact when a new limit order crosses an existing one from the opposite side of the market. Markets populated by such minimally sophisticated agents necessarily converge to a Pareto optimal allocation in the absence of externalities given sufficient time, and extract most of the available surplus.