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Intertemporal Speculation Under Uncertain Future Demand, Experimental Results

Plott, Charles R. and Turocy, Theodore L. (1997) Intertemporal Speculation Under Uncertain Future Demand, Experimental Results. In: Understanding Strategic Interaction : Essays in Honor of Reinhard Selton. Springer , Berlin, pp. 475-493. ISBN 9783642644306. https://resolver.caltech.edu/CaltechAUTHORS:20140324-093947557

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Abstract

This paper explores a market in which a subset of agents acting independently without direct communication can purchase commodities to carry forward in time in the face of uncertain future demand. The hypothesis that the equilibrating properties of markets will coordinate decentralized decisions to speculate as if all information was public gives no theory about the mechanism through which such information transfer might take place. The results provide general support for the validity of the equilibration suggestion. The mechanisms of information transfer seem to be located in the local nature of the price formation and carry-forward decisions coupled with a tendency for traders to specialize their activities.


Item Type:Book Section
Related URLs:
URLURL TypeDescription
http://dx.doi.org/10.1007/978-3-642-60495-9_36DOIBook chapter
http://dx.doi.org/10.1007/978-3-642-60495-9DOIBook publisher
Group:Social Science Working Papers
Subject Keywords: Economic Theory ; Numerical Analysis
Record Number:CaltechAUTHORS:20140324-093947557
Persistent URL:https://resolver.caltech.edu/CaltechAUTHORS:20140324-093947557
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:44450
Collection:CaltechAUTHORS
Deposited By: Susan Vite
Deposited On:14 Apr 2014 21:41
Last Modified:03 Oct 2019 06:18

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