# Asset Valuation in an Experimental Market

Robert Forsythe, Thomas R. Palfrey and Charles R. Plott (1982) “Asset Valuation in an Experimental Market." Econometrica, Vol. 50, No. 3 (May, 1982), pp. 537-567. JSTOR |via CYCU

## ==original abstract==

The time path of asset prices is studied within a stationary experimental environment. After several replications prices converge to a perfect foresight equilibrium. A sequential market having an “informational trap" and a futures market are also studied.

## 實驗簡述:

• 對 certificate 雙邊喊價 (double-auction), 每人一開始持有若干 (2或3) 張 certificates
• 持有股票, 可得股利;
• 股利每年分兩期, A 和 B 期給付;
• 但實驗中共有三種 type 的人; 每人在A、B期可獲之股利並不相同 (如 Table I 所示)
原文:
Because of these differences, there are gains from exchange with one individual selling the certificate to
another. (註: 這樣設定也是為了形成負斜率的需求線, 見下圖)
• 不能 short-sale
• 可多次喊價
• 共進行 5 場實驗 (Experiment 1-5); 每次 8-9 人

## 理論之均衡價格

(下面方程式最後之數字是 for Experiment 1 & 2)

• equilibrium price in period B
• PEB = max (dB) =300
• naive price equilibrium
• PNA = max (dA+dB) = 400
• perfectly forecasted theoretical equilibrium
• PFA = max (dA)+max(dB) = 600