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American Economic Review: Vol. 95 No. 3 (June 2005)


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Sunspots in the Laboratory

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Duffy, John, and Eric O'N. Fisher. 2005. "Sunspots in the Laboratory." American Economic Review, 95(3): 510-529.

DOI: 10.1257/0002828054201350


We show that extrinsic or nonfundamental uncertainty influences markets in a controlled environment. This work provides the first direct evidence of sunspot equilibria. These equilibria require a common understanding of the semantics of the sunspot variable, and they appear to be sensitive to the flow of information. Sunspots always occur in a closed-book call market, but they happen only occasionally in a double auction, where inframarginal bids and offers are observable.

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Duffy, John
Fisher, Eric O'N.

American Economic Review

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