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 (Unpublished) https://resolver.caltech.edu/CaltechAUTHORS:20191018-170008373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) | ||||||
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| 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 | ||||||
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| 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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