CaltechAUTHORS
  A Caltech Library Service

General equilibrium, markets, macroeconomics, and money in a laboratory experimental environment

Lian, Peng and Plott, Charles R. (1998) General equilibrium, markets, macroeconomics, and money in a laboratory experimental environment. Economic Theory, 12 (1). pp. 21-75. ISSN 0938-2259. http://resolver.caltech.edu/CaltechAUTHORS:20140224-163157343

Full text is not posted in this repository. Consult Related URLs below.

Use this Persistent URL to link to this item: http://resolver.caltech.edu/CaltechAUTHORS:20140224-163157343

Abstract

This paper reports on the use of laboratory experimental techniques to create relatively complete economic systems. The creation of these market systems reflects a first attempt to explore the nature of inherently interdependent environments and to assess the ability of simultaneous equations equilibrium models like the classical static general competitive equilibrium model, to predict aspects of system behaviors. In addition, the impact of the quantity of a fiat money was studied. The economies were successfully created. Classical models capture much of what was observed.


Item Type:Article
Related URLs:
URLURL TypeDescription
http://dx.doi.org/10.1007/s001990050210 DOIArticle
http://link.springer.com/article/10.1007%2Fs001990050210PublisherArticle
Additional Information:© 1998 Springer-Verlag. Received: May 21, 1996; revised version: May 21, 1997. Funding of the research, supplied by the National Science Foundation, The Lynde and Harry Bradley Foundation, and the Caltech Laboratory for Experimental Economics and Political Science, is gratefully acknowledged. Peng Lian wishes to acknowledge the support of the Harvard/MIT Research Training Group in Political Economy. Participants at several lectures and workshops have made useful comments. These include UCLA (Jacob Marshak lecture 1990) and USC (1990). We wish to add a special acknowledgment to the referees who extended themselves far beyond what might be expected, and provided many suggestions that substantially changed the paper. Reprinted in The International Library of Critical Writings in Economics New Developments in Experimental Economics, Vol. 1, edited by Enrica Carbone and Chris Starmer, Edward Elgar Publishing Ltd. UK .
Funders:
Funding AgencyGrant Number
NSFUNSPECIFIED
The Lynde and Harry Bradley FoundationUNSPECIFIED
Caltech Laboratory for Experimental Economics and Political ScienceUNSPECIFIED
Classification Code:JEL: C68, C90, D46, E31
Record Number:CaltechAUTHORS:20140224-163157343
Persistent URL:http://resolver.caltech.edu/CaltechAUTHORS:20140224-163157343
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:43963
Collection:CaltechAUTHORS
Deposited By: Susan Vite
Deposited On:25 Feb 2014 15:49
Last Modified:16 Apr 2014 21:01

Repository Staff Only: item control page