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General Equilibrium, Markets, Macroeconomics and Money in a Laboratory Experimental Environment

Lian, Peng and Plott, Charles R. (1994) General Equilibrium, Markets, Macroeconomics and Money in a Laboratory Experimental Environment. Social Science Working Paper, 842. California Institute of Technology , Pasadena, CA. (Unpublished) https://resolver.caltech.edu/CaltechAUTHORS:20170825-135222487

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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, to assess the ability of simultaneous equations equilibrium models like the classical static general competitive equilibrium model, and 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:Report or Paper (Working Paper)
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http://resolver.caltech.edu/CaltechAUTHORS:20170905-081644326Related ItemPublished Version
Additional Information:Revised version. Original dated to March 1993. 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. Published in Lian, Peng, and Charles R. Plott. "General equilibrium, markets, macroeconomics and money in a laboratory experimental environment." Economic Theory 12, no. 1 (1998): 123-146.
Group:Social Science Working Papers
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Funding AgencyGrant Number
NSFUNSPECIFIED
Lynde and Harry Bradley FoundationUNSPECIFIED
Caltech Laboratory for Experimental Economics and Political ScienceUNSPECIFIED
Harvard/MIT Research Training Group in Political EconomyUNSPECIFIED
Series Name:Social Science Working Paper
Issue or Number:842
Classification Code:JEL: C68, C90, D46, E31
Record Number:CaltechAUTHORS:20170825-135222487
Persistent URL:https://resolver.caltech.edu/CaltechAUTHORS:20170825-135222487
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:80796
Collection:CaltechAUTHORS
Deposited By: Jacquelyn Bussone
Deposited On:28 Aug 2017 21:44
Last Modified:03 Oct 2019 18:35

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