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Laboratory Tests of Equilibrium Predictions with Disequilibrium Data

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  • Alger, Dan
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    Abstract

    The 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 Info

    Article provided by Wiley Blackwell in its journal Review of Economic Studies.

    Volume (Year): 54 (1987)
    Issue (Month): 1 (January)
    Pages: 105-45

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    Handle: RePEc:bla:restud:v:54:y:1987:i:1:p:105-45

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    Cited by:
    1. Davis, Douglas, 2009. "Pure numbers effects, market power, and tacit collusion in posted offer markets," Journal of Economic Behavior & Organization, Elsevier, vol. 72(1), pages 475-488, October.
    2. Simon Weidenholzer & Daniel Friedman & Steffen Huck & Ryan Oprea, 2012. "From Imitation to Collusion: Long-run Learning in a Low-Information Environment," Economics Discussion Papers 715, University of Essex, Department of Economics.
    3. Dufwenberg, M. & Gneezy, U., 1998. "Price Competition and Market COncentration: An Experimental Study," Papers 1998-08, Uppsala - Working Paper Series.
    4. Cason, Timothy N. & Noussair, Charles, 2005. "A Market with Frictions in the Matching Process: An Experimental Study," Purdue University Economics Working Papers 1194, Purdue University, Department of Economics.
    5. Mason, Charles F. & Phillips, Owen R., 2000. "Vertical integration and collusive incentives: an experimental analysis," International Journal of Industrial Organization, Elsevier, vol. 18(3), pages 471-496, April.
    6. Garcia Gallego, Aurora, 1998. "Oligopoly experimentation of learning with simulated markets," Journal of Economic Behavior & Organization, Elsevier, vol. 35(3), pages 333-355, April.
    7. Douglas D. Davis & Oleg Korenok, 2009. "Posted Offer Markets In Near-Continuous Time: An Experimental Investigation," Economic Inquiry, Western Economic Association International, vol. 47(3), pages 449-466, 07.
    8. Eckel, Catherine & Gintis, Herbert, 2010. "Blaming the messenger: Notes on the current state of experimental economics," Journal of Economic Behavior & Organization, Elsevier, vol. 73(1), pages 109-119, January.
    9. Abdullah Yavas, 2001. "Impossibility of a Competitive Equilibrium in the Real Estate Brokerage Industry," Journal of Real Estate Research, American Real Estate Society, vol. 21(3), pages 187-200.
    10. Pitassi, Cristina & Hey, John D., 1995. "Market entry: An experimental investigation," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 24(1), pages 21-49.
    11. Andrei Y. Shastitko & Svetlana V. Golovanova, 2014. "Collusion in markets characterized by one large buyer: lessons learned from an antitrust case in Russia," HSE Working papers WP BRP 49/EC/2014, National Research University Higher School of Economics.
    12. Douglas Davis & Oleg Korenok & Robert Reilly, 2009. "Re-matching, information and sequencing effects in posted offer markets," Experimental Economics, Springer, vol. 12(1), pages 65-86, March.

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