Inflation and Expectations in Experimental Markets View Full Text


Ontology type: schema:Chapter      Open Access: True


Chapter Info

DATE

1988

AUTHORS

Brian P. Daniels , Charles R. Plott

ABSTRACT

A total of nine experimental markets were studied. Seven of these involved eleven to twelve periods of inflation at a constant percentage and then two or three periods of no inflation. Two experiments involved no inflation for twelve periods and then inflation at a constant rate for three periods. In all but three markets, participants were asked to guess the mean price of the upcoming market period before they had any information about the parameters for that period. The subject with the best guess was given a financial reward in addition to any profit earned in the market. Convergence properties are compared. Rational expectations models are tested and the structure of forecasts are studied. In general the rational expectations models capture much of what is observed but paradoxes exist in the data and in the application of the models. More... »

PAGES

198-218

Book

TITLE

Bounded Rational Behavior in Experimental Games and Markets

ISBN

978-3-540-50036-0
978-3-642-48356-1

Identifiers

URI

http://scigraph.springernature.com/pub.10.1007/978-3-642-48356-1_15

DOI

http://dx.doi.org/10.1007/978-3-642-48356-1_15

DIMENSIONS

https://app.dimensions.ai/details/publication/pub.1040837305


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