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


Ontology type: schema:ScholarlyArticle     


Article Info

DATE

1998-06

AUTHORS

Peng Lian, Charles R. Plott

ABSTRACT

Summary. 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. More... »

PAGES

123-146

Identifiers

URI

http://scigraph.springernature.com/pub.10.1007/s001990050213

DOI

http://dx.doi.org/10.1007/s001990050213

DIMENSIONS

https://app.dimensions.ai/details/publication/pub.1046397021


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