By Charles Noussair, Steven Tucker
Comprised of 10 surveys by means of prime students, this assortment showcases the most important and quickest becoming strands of study on marketplace behaviour in experimental economics.
- Covers subject matters comparable 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 the way markets operate
- Assesses the influence of advancements in thought, coverage, and examine methods
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Extra info for A collection of surveys on market experiments
And Ygosse-Battisti, J. (2010) Size doesn’t matter! Gift exchange in experimental labor markets. Journal of Economic Behavior & Organization 76: 544–548. , Falk, A. and Fehr, E. (2004) Relational contracts and the nature of market interactions. Econometrica 72: 747–780. , Falk, A. and Fehr, E. (2012) Competition and relational contracts: the role of unemployment as a disciplinary device. Journal of the European Economic Association 10: 887–907. Charness, G. (2004) Attribution and reciprocity in an experimental labor market.
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. Thus even strongly restricted preferences can result in “messy” excess demand functions in which the uniqueness and stability of equilibria are not assured. Committed to an abstract conception of exchange that is not generally stable in order to justify its focus on competitive equilibrium, GE theory has attracted a shrinking audience within the economics profession since the mid-1970s, despite maintaining a central role as the foundation of most models in macroeconomics and finance.
Gift exchange in experimental labor markets. Journal of Economic Behavior & Organization 76: 544–548. , Falk, A. and Fehr, E. (2004) Relational contracts and the nature of market interactions. Econometrica 72: 747–780. , Falk, A. and Fehr, E. (2012) Competition and relational contracts: the role of unemployment as a disciplinary device. Journal of the European Economic Association 10: 887–907. Charness, G. (2004) Attribution and reciprocity in an experimental labor market. Journal of Labor Economics 22: 665–688.
A collection of surveys on market experiments by Charles Noussair, Steven Tucker