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Marshallian vs. Walrasian Stability in an Experimental Market

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  • Plott, Charles R
  • George, Glen

Abstract

Twelve markets were studied. All markets had downward sloping supply functions created by Marshallian-type external economies in which the costs of individual firms increase with their own volume but decrease with the market volume of all other firms. The conditions were such that the model dp/dt = f (excess demand), typically called the Walrasian theory of dynamics, gives predictions about the dynamics of market behavior opposite of the model dq/dt = "phi" (demand price minus supply price), which is typically called the Marshallian theory. The market organizations studied were double auction, sealed bid/offer and (secant) tatonnement. In all cases the Marshallian theory of dynamics was the better model of market behavior. Copyright 1992 by Royal Economic Society.

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Bibliographic Info

Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 102 (1992)
Issue (Month): 412 (May)
Pages: 437-60

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Handle: RePEc:ecj:econjl:v:102:y:1992:i:412:p:437-60

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Cited by:
  1. C. Monica Capra & Tomomi Tanaka & Colin Camerer & Lauren Munyan & Veronica Sovero & Lisa Wang & Charles Noussair, 2005. "The Impact of Simple Institutions in Experimental Economies with Poverty Traps," Emory Economics 0508, Department of Economics, Emory University (Atlanta).
  2. Anderson, Christopher M. & Granat, Sander & Plott, Charles R. & Shimomura, Ken-Ichi, 2000. "Global Instability in Experimental General Equilibrium: The Scarf Example," Working Papers 1086, California Institute of Technology, Division of the Humanities and Social Sciences.
  3. Vivian Lei & Charles N. Noussair, 2007. "Equilibrium Selection in an Experimental Macroeconomy," Southern Economic Journal, Southern Economic Association, vol. 74(2), pages 448-482, October.
  4. Ortmann, Andreas, 2003. "Charles R. Plott's collected papers on the experimental foundations of economic and political science," Journal of Economic Psychology, Elsevier, vol. 24(4), pages 555-575, August.
  5. Plott, Charles & Roy, Nilanjan & Tong, Baojia, 2013. "Marshall and Walras, disequilibrium trades and the dynamics of equilibration in the continuous double auction market," Journal of Economic Behavior & Organization, Elsevier, vol. 94(C), pages 190-205.

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