An Experimental Study of Competitive Market Behavior.¶
Smith, V. L. (1962). An Experimental Study of Competitive Market Behavior. Journal of Political Economy, 111-137.
Cited by¶
2 citations across 2 artifacts.
Each citation links to the sentence it supports in the citing article.
Primes¶
- Auction Theory
- Auction theory has been validated and refined through decades of laboratory experimentation (Smith 1962 onward
This sourceFounding paper of experimental economics; double-auction subjects converge to competitive equilibrium.
- Auction theory has been validated and refined through decades of laboratory experimentation (Smith 1962 onward
- Price Mechanism
- with experimental validation by Smith (1962) showing that even small groups of human traders converge on competitive equilibrium in controlled double auctions.
This sourceFounding paper of experimental economics; demonstrates that small groups of human traders in a controlled double auction converge on the competitive equilibrium predicted by supply-and-demand theory.
- with experimental validation by Smith (1962) showing that even small groups of human traders converge on competitive equilibrium in controlled double auctions.
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