Industrial organization theory and experimental economics

Plott, Charles R. “Industrial organization theory and experimental economics." journal of Economic Literature 20.4 (1982): 1485-1527. cenet.org.cn 提供的 [PDF]

==notes by yinung==

這篇是廠商理論相關的實驗文獻回顧, 包含完全競爭市場、寡佔、獨佔

 

廣告

Efficiency of Experimental Security Markets with Insider Information: An Application of Rational-Expectations Models

Charles R. Plott and Shyam Sunder “Efficiency of Experimental Security Markets with Insider Information: An Application of Rational-Expectations Models."  The Journal of Political Economy, Vol. 90, No. 4 (Aug., 1982), pp. 663-698.

Stable URL: http://www.jstor.org/stable/1831348

JSTOR: The Journal of Political Economy, Vol. 90, No. 4 (Aug., 1982), pp. 663-698.

Abstract

The study reports on the ability of competing models of market information integration and dissemination to explain the behavior of simple laboratory markets for a one-period security. Returns to the security depended upon a randomly drawn state of nature. Some agents (insiders), whose identity was unknown to other agents, knew the state before the markets opened. With replication of market conditions the predictions of a fully revealing rational-expectations model are relatively accurate. Prices adjusted immediately to near rational-expectations prices; profits of insiders were virtually indistinguishable from noninsiders; and efficiency levels converged to near 100 percent.

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

image

image

實驗 1 的結果

image

實驗 2 的結果

 

image

實驗 3 的結果

image

實驗 4 的結果

image

實驗 5 的結果

image

image

image

image

實驗紀錄表

image

image