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

Author

Listed:
  • Peng Lian

    (Department of Government and Public Administration, Chinese University of Hong Kong, Shatin, NT, HONG KONG)

  • Charles R. Plott

    (Division of the Humanities and Social Sciences, California Institute of Technology, Pasadena, CA 91125, USA)

Abstract

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.

Suggested Citation

  • Peng Lian & Charles R. Plott, 1998. "General equilibrium, markets, macroeconomics and money in a laboratory experimental environment," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 12(1), pages 21-75.
    • Handle: RePEc:spr:joecth:v:12:y:1998:i:1:p:21-75
    Note: Received: May 21, 1996; revised version: May 21, 1997
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    JEL classification:

    • C68 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computable General Equilibrium Models
    • C90 - Mathematical and Quantitative Methods - - Design of Experiments - - - General
    • D46 - Microeconomics - - Market Structure, Pricing, and Design - - - Value Theory
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation

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