The price/quantity sealed bid/offer auction with pro-rata rationing: experimental evidence
Article Abstract:
The effectiveness of the price/quantity sealed bid/offer auction with pro-rata rationing is analyzed. Auction's performance will be researched in risky and riskless settings involving value of traded assets. Bid and offer prices in auction were found not to reflect truthful revelation, while prices were often stabilized away from competitive equilibrium (CE) price. Observed prices were found to decay in efficiencies when removed from CE.
Publication Name: Economic Journal
Subject: Economics
ISSN: 0013-0133
Year: 1993
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Equilibrium in evolutionary games: some experimental results
Article Abstract:
The ability of evolutionary game theory to account for laboratory behavior has been studied. Laboratory behavior was analyzed to determine whether it converges to Nash equilibrium for different payoff matrices under different environmental conditions. Twenty-six experimental sessions employing normal form games having six to 24 players are used where the state converges to Nash equilibria under conditions of mean matching and history.
Publication Name: Economic Journal
Subject: Economics
ISSN: 0013-0133
Year: 1996
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Rational cooperation in the finitely repeated prisoner's dilemma: experimental evidence
Article Abstract:
Cooperation in finitely repeated prisoner's dilemma games may be influenced by a subject's perception of an opponent's type. Kreps et al. proposed that rational behavior would be the basis of all decision-making in the game. Subjects who repeatedly played the game became more cooperative and built altruistic reputations about their opponents, as opposed to those who only played once.
Publication Name: Economic Journal
Subject: Economics
ISSN: 0013-0133
Year: 1993
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