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Advances in Experimental Markets by Timothy N. Cason, Charles Noussair (auth.), Prof. Timothy

By Timothy N. Cason, Charles Noussair (auth.), Prof. Timothy Cason, Associate Prof. Charles Noussair (eds.)

Experimental tools at the moment are a mainstream empirical technique in economics. The papers during this quantity signify a few fresh advancements in study on experimental markets. The articles span a number of issues concerning experimental markets, together with auctions, taxation, institutional transformations, coordination in markets, and studying. individuals to the quantity contain the various so much extraordinary researchers within the area.

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4% of the CE prediction (889 of 900) while in high-price markets trading volume is 90% of the CE prediction (810 of 900). Further, the mean volume in the low-price markets is larger than in the high-price markets in all trading periods. The marginal (linear) effect of the market design variations on the speed of price converge to the CE is summarized by OLS estimation of the following equation: ret) = a + b t + eX + d H + e L +f F + 9 B + Ut. The dependent variable, ret), is the root-mean-square-error of contract prices from the CE price prediction in period t: 1 Q(t) r(t)2 = - ) 'l)p;(t) - CE]2, Q(t ;=1 where P; (t) and Q (t) are the i th contract price and the number of contracts in trading period t, respectively.

9 ,. 5 1 3 . 2 .... ________- . ' 1 2 ........ 2 3. -~-'--'--'--1 2 3 4 5 6 7 8 9 10 11 12 4pda12 Figure 5. 1 The time series of individual contract prices for three selected experiments are presented in Figures 7-9. In 7 Ten (of more than 3500 total) price observations are deleted as outliers. These contract prices represent documented human errors by buyers who made a contract in the low-price market when they thought they were contracting in the high-price market. The erroneous contracts occurred in: 4pda07, period 3; 4pda09x, periods 2, 4, 9; 4pdalO, period 3; 4pdall, period 8 (twice by the same buyer); 4pda15x, period 13; 4pda17, period 9; 4pda20, period 3.

The moral of the story is that if buyers are to have an impact on sellers' prices, they cannot afford to let the sellers get used to a comfortable profit level. 4b6sF: Four buyers, 6:1 surplus division, Fairness Sellers again begin pricing very tentatively. In 3/4 replications, mean contract prices start out well below the competitive tunnel. However, attempts to withhold demand are either weak or non-existent signaling to sellers the potential to raise profitably their prices. By period 9, prices in all sessions are within the competitive range where they remain for the duration.

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