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The Design, Experimental Laboratory Testing and Implementation of a Large, Multi-Market, Policy Constrained, State Gaming Machines Auction

Plott, Charles R. and Cason, Timothy N. and Gillen, Benjamin J. and Lee, Hsing-Yang and Maron, Travis (2019) The Design, Experimental Laboratory Testing and Implementation of a Large, Multi-Market, Policy Constrained, State Gaming Machines Auction. Social Science Working Paper, 1447. California Institute of Technology , Pasadena, CA. (Unpublished) https://resolver.caltech.edu/CaltechAUTHORS:20191018-170008373

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Abstract

The paper reports on the theory, design, laboratory experimental testing, field implementation and results of a large, multiple market and policy constrained auction. The auction involved the sale of 18,788 ten-year entitlements for the use of electronic gaming machines in 176 interconnected markets to 363 potential buyers representing licensed gaming establishments. The auction was conducted in one day and produced over $600M in revenue. The experiments and revealed dynamics of the multi-round auction provide evidence about basic principles of multiple market convergence found in classical theories of general equilibrium using new statistical tests of the abstract properties of tatonnement.


Item Type:Report or Paper (Working Paper)
ORCID:
AuthorORCID
Cason, Timothy N.0000-0001-9581-5015
Additional Information:The financial support for analyzing the data and developing this report provided to Plott by the Rising Tide Foundation (Grant Number: RTF-19-500) and the John Templeton Foundation (Grant Number: 58067) are gratefully acknowledged as is the technical support of the Caltech Laboratory for Experimental Economic and Political Science. Limited data analysis for scientific purposes was allowed by the Victorian government. The cooperation and help of William Stevenson of Intelligent Market Systems LLC were fundamental.
Group:Social Science Working Papers
Funders:
Funding AgencyGrant Number
Rising Tide FoundationRTF-19-500
John Templeton Foundation58067
Series Name:Social Science Working Paper
Issue or Number:1447
Record Number:CaltechAUTHORS:20191018-170008373
Persistent URL:https://resolver.caltech.edu/CaltechAUTHORS:20191018-170008373
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:99381
Collection:CaltechAUTHORS
Deposited By: Katherine Johnson
Deposited On:19 Oct 2019 00:03
Last Modified:19 Oct 2019 00:03

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