Document Type

Article

Publication Date

1984

Abstract

This study reports the results of 18 computerized 'double-auction' market experiments characterized by cycling excess demand. Two such market designs are studied: one with stationary supply and cycling demand, the other with cycling supply and demand. Data from a series of control experiments under conditions of intertemporal isolation (autarky) are compared with data from experiments where the two cyclical market phases are linked by a subset of agents (speculators). Allowing intertemporal speculation is found to be a significant treatment variable in both market designs; however, price convergence patterns are not robust with respect to the design change.

Comments

This article was originally published in Journal of Business, volume 57, issue 1, part 1, in 1984.

Peer Reviewed

1

Copyright

University of Chicago

Included in

Economics Commons

Share

COinS
 
 

To view the content in your browser, please download Adobe Reader or, alternately,
you may Download the file to your hard drive.

NOTE: The latest versions of Adobe Reader do not support viewing PDF files within Firefox on Mac OS and if you are using a modern (Intel) Mac, there is no official plugin for viewing PDF files within the browser window.