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Author Noussair, Charles
Title A Collection of Surveys on Market Experiments
Imprint Hoboken : John Wiley & Sons, Incorporated, 2014
©2013
book jacket
Edition 1st ed
Descript 1 online resource (249 pages)
text txt rdacontent
computer c rdamedia
online resource cr rdacarrier
Series Surveys of Recent Research in Economics Ser
Surveys of Recent Research in Economics Ser
Note Intro -- A Collection of Surveys on Market Experiments -- CONTENTS -- 1 A COLLECTION OF SURVEYS ON MARKET EXPERIMENTS -- References -- 2 EXPERIMENTAL LABOR MARKETS AND POLICY CONSIDERATIONS: INCOMPLETE CONTRACTS AND MACROECONOMIC ASPECTS -- 1. Introduction -- 2. Experimental Gift-Exchange Labor Markets -- 2.1 Common Features Across Experiments -- 2.2 Fundamental Results -- 2.3 Gift-Exchange Labor Markets and Policy Instruments -- 2.4 Robustness and Extensions of Gift-Exchange Labor Markets -- 2.5 Summary -- 3. Experimental Labor Markets in Macroeconomics and Public Finance -- 4. Conclusions -- Notes -- References -- 3 PRICE DYNAMICS IN GENERAL EQUILIBRIUM EXPERIMENTS -- 1. Introduction -- 2. Price Dynamics in Laboratory Exchange Economies -- 2.1 Across-Period Dynamics -- 2.2 Within-Period Dynamics -- 3. Further Experimental GE Applications -- Acknowledgements -- Notes -- References -- 4 OLIGOPOLY EXPERIMENTS IN THE CURRENT MILLENNIUM -- 1. Introduction -- 2. Oligopoly Competition from a Static Perspective -- 2.1 Simultaneous-Move Quantity and Price Competition -- 2.2 Sequential-Move Games, Timing and Commitment -- 2.3 Innovation and Competition -- 2.4 Price Dispersion -- 3. Dynamics, (non-)Convergence, and Learning Processes -- 3.1 Stability and Convergence of Cournot Markets -- 3.2 Cycles under Price Competition -- 3.3 Feedback, Information and Learning Processes -- 4. Collusion and Policy -- 4.1 Tacit Collusion -- 4.2 Cartels and Competition Policy -- 4.3 Regulation -- 5. Concluding Remarks -- Acknowledgements -- Notes -- References -- 5 MULTIUNIT AUCTIONS -- 1. Introduction -- 2. Multiunit Auctions, Single-Unit Demand -- 2.1 Comparison of Auction Formats Motivated by Spectrum Sales -- 2.2 Other Single-Unit Demand Auctions -- 3. Multiunit Demand, No Synergies -- 3.1 Demand Reduction under Uniform-Price Auctions and Institutional Remedies
3.2 Extensions to Asymmetric Bidders and Common Values -- 4. Synergies and Package Bidding -- 4.1 Vickrey-Clarke-Groves (VCG) Auctions -- 4.2 Exposure and Threshold Problems -- 4.3 Comparison of Alternative Auction Mechanisms -- 5. Role of Specific Institutional Features -- 5.1 Bid Withdrawal and Eligibility Rules -- 5.2 Ending Rules -- 5.3 Jump Bidding -- 6. Collusion -- 6.1 Collusion with Explicit Communication -- 6.2 Tacit Collusion -- 7. Sequential Bidding -- 7.1 Auction Formats and Sequencing of Sales -- 7.2 Price Trends in Sequential Auctions -- 8. Conclusions and Open Questions -- 8.1 Comparison of Auction Formats and Alternative Mechanisms -- 8.2 Asymmetric Bidders, Entry, and Competition among Auctions -- 8.3 Behavioral Models of Bidding -- Acknowledgements -- Notes -- References -- 6 OVERBIDDING AND HETEROGENEOUS BEHAVIOR IN CONTEST EXPERIMENTS -- 1. Introduction -- 2. A Simple Contest Model -- 3. Experimental Findings on Contests -- 4. Overbidding in Contests -- 4.1 Bounded Rationality -- 4.2 Utility of Winning -- 4.3 Other-Regarding Preferences -- 4.4 Probability Distortion -- 4.5 The Shape of the Payoff Function -- 4.6 How to Reduce Overbidding -- 5. Heterogeneous Behavior in Contests -- 5.1 Heterogeneous Preferences -- 5.2 Demographic Differences -- 5.3 Learning and Hot Hand -- 5.4 How to Reduce Heterogeneity -- 6. Discussion and Conclusion -- Acknowledgements -- Notes -- References -- 7 ENVIRONMENTAL MARKETS: WHAT DO WE LEARN FROM THE LAB? -- 1. Introduction -- 2. Emission Trading Experiments -- 2.1 Trading Institutions -- 2.2 Uncertainty and Enforcement -- 2.3 Market Power -- 3. Other Environmental Policy Experiments -- 3.1 Water Markets -- 3.2 Conservation Auctions and Agricultural Policy -- 3.3 Other Market Experiments that Inform Environmental Policy -- 4. Conclusion and the Way Forward -- Acknowledgements -- Notes -- References
8 EXPERIMENTAL MARKETS WITH FRICTIONS -- 1. Introduction -- 2. Modeling Decentralized Frictional Markets -- 3. A Review of Recent Experimental Work on Markets with Frictions -- 3.1 Peer Punishment -- 3.2 Monetary Exchange -- 3.3 Communication -- 4. Communication in Markets with Frictions: A New Experimental Approach -- 4.1 Experimental Design -- 4.2 Four Results -- 5. Discussion and Conclusions -- Acknowledgements -- Notes -- References -- Supporting Information -- 9 EXPERIMENTAL RESEARCH ON ASSET PRICING -- 1. Introduction -- 2. Early Work -- 3. Market Microstructure -- 4. Parimutuel Betting Markets -- 5. Participant Characteristics -- 5.1 Behavioral Traits -- 5.2 Traders' Emotional States -- 5.3 Trader Strategies -- 6. Public Information Release -- 7. Studies of the Capital Asset Pricing Model -- 8. Conclusion -- Notes -- References -- 10 A REVIEW OF BUBBLES AND CRASHES IN EXPERIMENTAL ASSET MARKETS -- 1. Description of the Baseline Market -- 1.1 Market Design -- 1.2 Typical Price and Volume Patterns -- 2. Stylized Results -- 2.1 Trader Characteristics -- 2.2 Expectations -- 2.3 Asset-to-Cash Ratio -- 2.4 Short-Selling -- 2.5 Dividends -- 2.6 Fundamental Value -- 2.7 Endowments -- 2.8 Taxes and Transaction Costs -- 2.9 Limit Price Change Rule and Asset Holdings Cap -- 2.10 Derivative Instruments -- 2.11 Institution of Exchange -- 2.12 Compensation and Incentives -- 2.13 Social Comparison -- 2.14 Communication -- 2.15 Relative Prices in Multi-Asset Markets -- 3 Conclusion -- Acknowledgements -- Notes -- References -- 11 PREDICTION MARKETS IN THE LABORATORY -- 1. The Success of Markets Aggregating Information -- 2. Comparisons of Predication Markets with Other Mechanisms for Information Aggregation -- 3. How Do Insiders Impact Markets? -- 4. Manipulation -- 5. Future Work -- Notes -- References -- INDEX
Comprised of 10 surveys by leading scholars, this collection showcases the largest and fastest growing strands of research on market behaviour in experimental economics.  Covers topics such as asset markets, contests, environmental policy, frictions, general equilibrium, labour markets, multi-unit auctions, oligopoly markets, and prediction markets Focuses on the literature that has helped economists best understand how markets operate Assesses the impact of developments in theory, policy, and research methods
Description based on publisher supplied metadata and other sources
Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2020. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries
Link Print version: Noussair, Charles A Collection of Surveys on Market Experiments Hoboken : John Wiley & Sons, Incorporated,c2014 9781118790700
Subject Business.;Experimental economics.;Game theory.;Markets
Electronic books
Alt Author Tucker, Steven
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