General Equilibrium, Markets, Macroeconomics and Money in a Laboratory Experimental Environment

Posted: 9 Aug 1998

See all articles by Peng Lian

Peng Lian

The Chinese University of Hong Kong (CUHK)

Charles R. Plott

California Institute of Technology - Division of the Humanities and Social Sciences

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.

JEL Classification: C68, C90, D46, E31

Suggested Citation

Lian, Peng and Plott, Charles R., General Equilibrium, Markets, Macroeconomics and Money in a Laboratory Experimental Environment. Economic Theory, Vol. 12, Issue 1, 1998. Available at SSRN: https://ssrn.com/abstract=113108

Peng Lian

The Chinese University of Hong Kong (CUHK) ( email )

Department of Government and Public Administration
Shatin, N.T., Hong Kong
China

Charles R. Plott (Contact Author)

California Institute of Technology - Division of the Humanities and Social Sciences ( email )

1200 East California Blvd.
337 Baxter Hall
Pasadena, CA 91125
United States
626-395-4209 (Phone)

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