Noussair, Charles N. and Plott, Charles R. and Riezman, Raymond G. (1995) An Experimental Investigation of the Patterns of International Trade. American Economic Review, 85 (3). pp. 462-491. ISSN 0002-8282. https://resolver.caltech.edu/CaltechAUTHORS:20140303-152552477
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Abstract
This paper studies a laboratory economy with some of the prominent features of an international economic system. The patterns of trade and output predicted by the law of comparative advantage are observed evolving within the experimental markets. Market prices and quantities move in the direction of the competitive equilibrium, but the quantitative predictions of the (risk neutral) competitive equilibrium are rejected. Considerable amounts of economic activity occur as disequilibria. Factor-price equalization is observed, but there is a universal tendency for factors of production to trade at prices below their marginal products.
| Item Type: | Article | |||||||||
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| Additional Information: | © 1995 American Economic Association. We acknowledge the financial support of the National Science Foundation and the Caltech Laboratory for Experimental Economics and Political Science. The comments of Charles Holt have been useful. The comments of Mahmoud El-Gamal were especially helpful and resulted in the econometric model used extensively in the paper. | |||||||||
| Group: | Social Science Working Papers | |||||||||
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| Issue or Number: | 3 | |||||||||
| Classification Code: | JEL: D50, F00, F30 | |||||||||
| Record Number: | CaltechAUTHORS:20140303-152552477 | |||||||||
| Persistent URL: | https://resolver.caltech.edu/CaltechAUTHORS:20140303-152552477 | |||||||||
| Official Citation: | An Experimental Investigation of the Patterns of International Trade Charles N. Noussair, Charles R. Plott and Raymond G. Riezman The American Economic Review , Vol. 85, No. 3 (Jun., 1995) , pp. 462-491 Published by: American Economic Association Article Stable URL: http://www.jstor.org/stable/2118183 | |||||||||
| Usage Policy: | No commercial reproduction, distribution, display or performance rights in this work are provided. | |||||||||
| ID Code: | 44110 | |||||||||
| Collection: | CaltechAUTHORS | |||||||||
| Deposited By: | INVALID USER | |||||||||
| Deposited On: | 03 Mar 2014 23:38 | |||||||||
| Last Modified: | 03 Oct 2019 06:14 |
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