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Laboratory Experiments in Economics: The Implications of Posted-Price Institutions

Plott, Charles R. (1987) Laboratory Experiments in Economics: The Implications of Posted-Price Institutions. Science, 232 (4751). pp. 732-738. ISSN 0036-8075. https://resolver.caltech.edu/CaltechAUTHORS:20140324-153057327

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Abstract

In recent years a methodology for performing laboratory experiments in economics has been developed. The object of the methodology is to integrate clearly motivated but largely subjectively determined human decisions with the organizational features of markets. The nature of the incentive system and the use of market organization as an independent variable are described. Initial results of basic research that involved assessment of the effects of the "posted-price" institution demonstrated that the effect of the institution is to raise prices and lower market efficiency. The existence of such effects and the close proximity of the laboratory posted-price institution to the rate-posting institution required by the government in several industries has led to a series of policy-related experiments. The results have also led to more basic research efforts on seemingly unrelated topics.


Item Type:Article
Related URLs:
URLURL TypeDescription
http://dx.doi.org/10.1126/science.232.4751.732DOIArticle
http://www.sciencemag.org/content/232/4751/732PublisherArticle
http://www.jstor.org/stable/1696558JSTORArticle
http://resolver.caltech.edu/CaltechAUTHORS:20170913-164929717Related ItemWorking Paper
Additional Information:© 1986 American Association for the Advancement of Science. The financial support of the National Science Foundation and the Caltech Program for Enterprise and Public Policy is gratefully acknowledged.
Group:Social Science Working Papers
Funders:
Funding AgencyGrant Number
NSFUNSPECIFIED
Caltech Program for Enterprise and Public PolicyUNSPECIFIED
Other Numbering System:
Other Numbering System NameOther Numbering System ID
Social Science Working Paper597
Issue or Number:4751
Record Number:CaltechAUTHORS:20140324-153057327
Persistent URL:https://resolver.caltech.edu/CaltechAUTHORS:20140324-153057327
Official Citation:PLOTT, C. R. (1986). Laboratory Experiments in Economics: The Implications of Posted-Price Institutions. Science, 232(4751), 732-738. doi: 10.1126/science.232.4751.732
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:44479
Collection:CaltechAUTHORS
Deposited By: Susan Vite
Deposited On:26 Mar 2014 21:53
Last Modified:03 Oct 2019 06:18

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