| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16319 |
| 来源ID | Working Paper 16319 |
| The Nature of Excess: Using Randomized Treatments to Investigate Price Dynamics | |
| Omar Al-Ubaydli; John A. List; Michael K. Price | |
| 发表日期 | 2010-08-27 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | This study explores empirically the price dynamics within two distinct market institutions - a double oral auction, which resembles modern asset markets, and a bilateral exchange market, which represents markets that have existed for centuries. To provide a theoretical basis to our investigation, we test and compare the excess supply model (Walras (1874, 1877, 1889, 1896)) and the excess rent model (Smith (1962, 1965)) in both market institutions. Our approach is unique in that we make use of appropriate demand and supply systems coupled with randomization of the main treatment variable to discriminate between the theories. All previous efforts, including Smith's (1965) seminal experiments, use designs that cannot appropriately parse the models. We report several insights, perhaps most importantly, we consistently reject the Walrasian model in favor of the excess rent model, regardless of market institution. This finding has important implications both positively and normatively. |
| 主题 | Econometrics ; Experimental Design ; Microeconomics ; Behavioral Economics |
| URL | https://www.nber.org/papers/w16319 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/573993 |
| 推荐引用方式 GB/T 7714 | Omar Al-Ubaydli,John A. List,Michael K. Price. The Nature of Excess: Using Randomized Treatments to Investigate Price Dynamics. 2010. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w16319.pdf（327KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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