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Experimental Economics and Chamberlin's Excess Trading Conjecture

Author

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  • Ted Bergstrom

Abstract

Edward Chamberlin conjectured that the number of trades in realistic trading systems is likely to exceed that predicted by competitive equilibrium theory. He supported this conjecture by data from a large number of classroom experiments and with a plausible argument based on a numerical example. This paper states and proves a theorem that supports and illuminates Chamberlin's intuition, supplies examples of trading processes that lead to excess trading, and presents some additional experimental evidence.

Suggested Citation

  • Ted Bergstrom, 2004. "Experimental Economics and Chamberlin's Excess Trading Conjecture," Experimental 0407001, University Library of Munich, Germany.
  • Handle: RePEc:wpa:wuwpex:0407001
    Note: Type of Document - pdf; pages: 10
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    File URL: https://econwpa.ub.uni-muenchen.de/econ-wp/exp/papers/0407/0407001.pdf
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    References listed on IDEAS

    as
    1. Theodore C. Bergstrom & Eugene Kwok, 2005. "Extracting Valuable Data from Classroom Trading Pits," The Journal of Economic Education, Taylor & Francis Journals, vol. 36(3), pages 220-235, July.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    experimental economics; classroom experiments; excess trading;

    JEL classification:

    • C9 - Mathematical and Quantitative Methods - - Design of Experiments

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