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

  • 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)

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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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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