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

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Author Info

  • 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)

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    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.

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    Bibliographic Info

    Article provided by Springer in its journal Economic Theory.

    Volume (Year): 12 (1998)
    Issue (Month): 1 ()
    Pages: 123-146

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    Handle: RePEc:spr:joecth:v:12:y:1998:i:1:p:123-146

    Note: Received: May 21, 1996; revised version: May 21, 1997
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    Web page: http://link.springer.de/link/service/journals/00199/index.htm

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    Cited by:
    1. Arno Riedl & Frans van Winden, 0000. "An Experimental Investigation of Wage Taxation and Unemployment in Closed and Open Economies," Tinbergen Institute Discussion Papers 00-112/1, Tinbergen Institute.
    2. Roberto Ricciuti, 2004. "Bringing Macroeconomics into the Lab," ICER Working Papers 26-2004, ICER - International Centre for Economic Research.
    3. John Duffy, 2008. "Macroeconomics: A Survey of Laboratory Research," Working Papers 334, University of Pittsburgh, Department of Economics, revised Jun 2014.
    4. Arno Riedl & Frans van Winden, 2003. "Input versus Output Taxation in an Experimental International Economy," Tinbergen Institute Discussion Papers 03-058/1, Tinbergen Institute.
    5. John Duffy & Daniela Puzzello, 2011. "Gift Exchange versus Monetary Exchange: Theory and Evidence," Working Papers 449, University of Pittsburgh, Department of Economics, revised Sep 2013.
    6. Noussair, Charles & Plott, Charles & Riezman, Raymond, 2007. "Production, trade, prices, exchange rates and equilibration in large experimental economies," European Economic Review, Elsevier, vol. 51(1), pages 49-76, January.
    7. Steven Gjerstad, 2007. "Price Dynamics in an Exchange Economy," Purdue University Economics Working Papers 1205, Purdue University, Department of Economics.
    8. 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.
    9. Daniela Puzzello & Brit Grosskpof & John Duffy, 2011. "Gift Exchange versus Monetary Exchange: Experimental Evidence," 2011 Meeting Papers 1153, Society for Economic Dynamics.

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