General equilibrium, markets, macroeconomics and money in a laboratory experimental environment

Peng Lian and Charles R. Plott
Additional contact information
Peng Lian: Department of Government and Public Administration, Chinese University of Hong Kong, Shatin, NT, HONG KONG
Charles R. Plott: Division of the Humanities and Social Sciences, California Institute of Technology, Pasadena, CA 91125, USA

Economic Theory, 1998, vol. 12, issue 1, pages 21-75

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.

JEL-codes: C68 C90 D46 E31 (search for similar items in EconPapers)
Date: 1998 Written
Note: Received: May 21, 1996; revised version: May 21, 1997
View citations in EconPapers

Downloads: (external link)
http://link.springer.de/link/service/journals/00199/papers/8012001/80120021.pdf (application/pdf)
http://link.springer.de/link/service/journals/0019 ... 12001/80120021.ps.gz (application/postscript)
Access to the full text of the articles in this series is restricted

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: http://EconPapers.repec.org/RePEc:spr:joecth:v:12:y:1998:i:1:p:21-75

Ordering information: This journal article can be ordered from
http://link.springer.de/orders.htm

Access Statistics for this article

Economic Theory is edited by Nichoals Yanneils

More articles in Economic Theory from Springer
Series data maintained by Christopher F Baum ().