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Divergence, closed cycles and convergence in scarf environments: Experiments in the dynamics of general equilibrium systems

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Author Info
Hirota, Masayoshi
Hsu, Ming
Plott, Chrales R.
Rogers, Brian W.

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Paper provided by California Institute of Technology, Division of the Humanities and Social Sciences in its series Working Papers with number 1239.

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Length: 50 pages
Date of creation: Oct 2005
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Handle: RePEc:clt:sswopa:1239

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Postal: Working Paper Assistant, Division of the Humanities and Social Sciences, 228-77, Caltech, Pasadena CA 91125
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Keywords: general equilibrium; stability; experiments;

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  1. Charles R. Plott & Jared Smith, 1999. "Instability of Equilibria in Experimental Markets: Upward-Sloping Demands, Externalities, and Fad-Like Incentives," Southern Economic Journal, Southern Economic Association, vol. 65(3), pages 405-426, January.
  2. Saari, Donald G, 1985. "Iterative Price Mechanisms," Econometrica, Econometric Society, vol. 53(5), pages 1117-31, September. [Downloadable!] (restricted)
  3. Smale, Steve, 1976. "A convergent process of price adjustment and global newton methods," Journal of Mathematical Economics, Elsevier, vol. 3(2), pages 107-120, July. [Downloadable!] (restricted)
  4. Mukherji, Anjan, 1995. "A Locally Stable Adjustment Process," Econometrica, Econometric Society, vol. 63(2), pages 441-48, March. [Downloadable!] (restricted)
  5. Saari, Donald G & Simon, Carl P, 1978. "Effective Price Mechanisms," Econometrica, Econometric Society, vol. 46(5), pages 1097-1125, September. [Downloadable!] (restricted)
  6. Johnson, Michael D. & Plott, Charles R., 1989. "The effect of two trading institutions on price expectations and the stability of supply-response lag markets," Journal of Economic Psychology, Elsevier, vol. 10(2), pages 189-216, June. [Downloadable!] (restricted)
  7. Steven Gjerstad, 2004. "Market Dynamics in Edgeworth Exchange," Microeconomics 0401006, EconWPA. [Downloadable!]
  8. Anderson, Christopher M. & Plott, Charles R. & Shimomura, K.-I.Ken-Ichi & Granat, Sander, 2004. "Global instability in experimental general equilibrium: the Scarf example," Journal of Economic Theory, Elsevier, vol. 115(2), pages 209-249, April. [Downloadable!] (restricted)
  9. Asparouhova, Elena & Bossaerts, Peter & Plott, Charles, 2003. "Excess demand and equilibration in multi-security financial markets: the empirical evidence," Journal of Financial Markets, Elsevier, vol. 6(1), pages 1-21, January. [Downloadable!] (restricted)
  10. Plott, Charles R. & Gray, Peter, 1990. "The multiple unit double auction," Journal of Economic Behavior & Organization, Elsevier, vol. 13(2), pages 245-258, March. [Downloadable!] (restricted)
  11. Vernon L. Smith, 1965. "Experimental Auction Markets and the Walrasian Hypothesis," Journal of Political Economy, University of Chicago Press, vol. 73, pages 387. [Downloadable!] (restricted)
  12. Herbert E. Scarf, 1959. "Some Examples of Global Instability of the Competitive Equilibrium," Cowles Foundation Discussion Papers 79, Cowles Foundation, Yale University. [Downloadable!]
  13. Saari, Donald G. & Williams, Steven R., 1986. "On the local convergence of economic mechanisms," Journal of Economic Theory, Elsevier, vol. 40(1), pages 152-167, October. [Downloadable!] (restricted)
  14. Noussair, Charles N. & Plott, Charles R. & Riezman, Raymond. G., 1995. "The Principles of Exchange Rate Determination in an International Finance Experiment," Working Papers 908, California Institute of Technology, Division of the Humanities and Social Sciences. [Downloadable!]
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