Production, trade, prices, exchange rates and equilibration in large experimental economies |
| |
Authors: | Charles Noussair Charles Plott |
| |
Affiliation: | a Department of Economics, Rich Memorial Building, Emory University, Atlanta, GA 30322-2240, USA b Division of the Humanities and Social Sciences, California Institute of Technology, Pasadena, CA 91125, USA c Department of Economics, University of Iowa, Iowa City, IA 52242, USA |
| |
Abstract: | We study market equilibration in laboratory economies that are larger and more complex than any that have been studied experimentally to date. Complexity is derived from the fact that the economies are “international” in economic structure with multiple input, output, and foreign exchange markets in operation. The economies have twenty-one markets and due to the fact that they have roughly fifty agents, the economies are characterized by several hundred equations. In spite of the complexity and interdependence of the economy, the results demonstrate the substantial power of the general equilibrium model of perfect competition to predict the direction of movement of market-level variables. Empirical patterns in the convergence process are explored and described. |
| |
Keywords: | C9 F00 |
本文献已被 ScienceDirect 等数据库收录! |
|