By Charles Noussair, Steven Tucker
Comprised of 10 surveys via top students, this assortment showcases the biggest and quickest turning out to be strands of study on industry behaviour in experimental economics.
- Covers themes equivalent 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 the way markets operate
- Assesses the impression of advancements in concept, coverage, and examine methods
Read or Download A Collection of Surveys on Market Experiments (Surveys of Recent Research in Economics) PDF
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Additional resources for A Collection of Surveys on Market Experiments (Surveys of Recent Research in Economics)
When producers make their input decisions market conditions, prevailing at the time consumers buy their products, are usually unknown, meaning that producers face uncertainty about the revenues they can make by selling their products. Given this price uncertainty, risk-averse producers demand less labor than predicted in equilibrium. Producers and consumers combined behavior leads to an upward trend of unemployment rates and drive nominal wages down, which explains the observed budget deficit. In the dynamic tax regime, an initial considerable increase in the tax rates is observed as the previous periods’ budget is not balanced.
Asparouhova et al. ” In most double auction experiments the bid-ask spread (the difference between the highest bid and lowest ask) is small, but a large market order will typically clear several limit orders, and the price of the “deepest” transacted limit order is worse for the market orderer than the first. Thus large orders tend to get worse average terms of trade than small orders. 13 Asparouhova et al. (2011a) capture “competition in smalls” in reduced form by modeling continuous exchange.
So in the 1960s and 1970s microfoundations were sought to guarantee “well behaved” aggregate excess demand functions that would ensure the stability of fictitious trade tˆatonnement. If tˆatonnement were found to be generally stable, perhaps its fictional nature could be forgiven. But it turns out that even individuals with smooth, convex, monotonic preferences can produce multiple and unstable equilibria. Here the question of tˆatonnement stability bumps into the famous Sonnenschein–Mantel–Debreu result: Standard neoclassical preferences only imply that excess demand functions be continuous, obey Walras’ law, and are homogeneous of degree zero.