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Behaviour of a Small Political Call Market

Author

Listed:
  • Klaus Beckmann

    (Universitaet Passau)

  • Martin Werding

    (Universitaet Passau)

Abstract

We present a preliminary overview of a political stock market experiment we have conducted at the Universitaet Passau. This experiment differs from previous work (e.g. the renowned Iowa Electronic Markets) in that it is built on the call market institution rather than on double auction principles. The predictions (for the Bavarian state election in Germany) derived from our market are less accurate than those typically achieved by double auction markets. We suggest, and discuss, a number of reasons for this, outlining some directions for research on our second, and more substantial, political stock market for the German Bundestag election.

Suggested Citation

  • Klaus Beckmann & Martin Werding, 1994. "Behaviour of a Small Political Call Market," Experimental 9410001, EconWPA.
  • Handle: RePEc:wpa:wuwpex:9410001
    Note: 25 pages, Postscript file
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    References listed on IDEAS

    as
    1. Madhavan, Ananth, 1992. " Trading Mechanisms in Securities Markets," Journal of Finance, American Finance Association, vol. 47(2), pages 607-641, June.
    2. Forsythe, Robert & Forrest Nelson & George R. Neumann & Jack Wright, 1992. "Anatomy of an Experimental Political Stock Market," American Economic Review, American Economic Association, vol. 82(5), pages 1142-1161, December.
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    JEL classification:

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

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