Laboratory Tests of Equilibrium Predictions with Disequilibrium Data
AbstractThe author examines a common practice used within previous studies oflaboratory markets, testing equilibrium models using some data from markets tha t have not reached an equilibrium. The author examines the effect of this practi ce when it is applied to some laboratory markets where an appreciable number of them eventually satisfied an operational defintion of an equilibrium. Data sugge st that significantly different equilibrium test results would be obtained when using all data available in market periods analyzed in previous studies rather t han using only equilibrium data. Copyright 1987 by The Review of Economic Studies Limited.
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Review of Economic Studies.
Volume (Year): 54 (1987)
Issue (Month): 1 (January)
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