Global instability in experimental general equilibrium: the Scarf example

• 成果类型: Article
• 署名作者: Anderson, CM; Plott, CR; Shimomura, KI; Granat, S
• 署名单位: California Institute of Technology; University of Rhode Island; University of Osaka
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/S0022-0531(03)00185-6
• 发表日期: 2004
• 页码: 209-249
• 关键词: General equilibrium; STABILITY; experiments

摘要

Scarf (Int. Econ. Rev. 1 (1960) 157) proposed a model of dynamic adjustment in which the standard tatonnement price adjustment process orbits around, rather than converges to, the competitive equilibrium. Hirota (Int. Econ. Rev. 22 (198 1) 46 1) characterized the price paths. We explore the predictions of Scarf's model in a non-tatonnement experimental double auction. The average transaction prices in each period do follow the path predicted by the Scarf and Hirota models. When the model predicts convergence the data converge; when the model predicts orbits. the data orbit in the direction predicted by the model. Moreover, we observe a weak tendency for prices within a period to follow the path predicted by the model. (C) 2003 Elsevier Inc. All rights reserved.