Can Supply and Demand Parameters Be Recovered from Data Generated by Market Institutions?
AbstractThe relative accuracy of estimators in recovering supply and demand parameters can depend on the market institutions that generate the data. The parameters of known supply and demand functions are estimated with data from laboratory market experiments with human buyers and sellers. Single-equation estimators dominate simultaneous-equations estimators in recovering supply and demand parameters from posted-offer market data. The inaccuracy of simultaneous-equations estimators with posted-offer data can be explained by the implications for error distributions of the inherent properties of this market institution. Simultaneous-equations estimators perform better with closing-price data from double-auction markets.
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Bibliographic InfoArticle provided by American Statistical Association in its journal Journal of Business and Economic Statistics.
Volume (Year): 17 (1999)
Issue (Month): 3 (July)
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Web page: http://www.amstat.org/publications/jbes/index.cfm?fuseaction=main
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- Houser, Daniel & Winter, Joachim, 2004.
"How Do Behavioral Assumptions Affect Structural Inference? Evidence from a Laboratory Experiment,"
Journal of Business & Economic Statistics,
American Statistical Association, vol. 22(1), pages 64-79, January.
- Daniel Houser & Joachim Winter, 2002. "How Do Behavioral Assumptions Affect Structural Inference? Evidence From A Laboratory Experiment," MEA discussion paper series 02005, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.
- Houser, Daniel & Winter, Joachim, 2004. "How Do Behavioral Assumptions Affect Structural Inference? Evidence from a Laboratory Experiment," Munich Reprints in Economics 19372, University of Munich, Department of Economics.
- Noe, Thomas H. & Rebello, Michael & Wang, Jun, 2012. "Learning to bid: The design of auctions under uncertainty and adaptation," Games and Economic Behavior, Elsevier, vol. 74(2), pages 620-636.
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