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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:20170905-081644326

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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 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
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https://doi.org/10.1007/s001990050210DOIArticle
https://link.springer.com/article/10.1007%2Fs001990050210PublisherArticle
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http://resolver.caltech.edu/CaltechAUTHORS:20170825-135222487Related ItemWorking Paper
Additional Information:© 1998 Springer-Verlag Berlin Heidelberg. 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.
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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
Classification Code:JEL: C68; C90; D46; E31
Record Number:CaltechAUTHORS:20170905-081644326
Persistent URL:http://resolver.caltech.edu/CaltechAUTHORS:20170905-081644326
Official Citation:Lian, P. & Plott, C. Economic Theory (1998) 12: 21. https://doi.org/10.1007/s001990050210
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:81121
Collection:CaltechAUTHORS
Deposited By: Tony Diaz
Deposited On:05 Sep 2017 20:43
Last Modified:05 Sep 2017 20:43

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