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Gale, Douglas M., and
Shachar Kariv. 2009. "Trading in Networks: A Normal Form Game Experiment."
,
1(2): 114-32.
Show Article Details
DOI: 10.1257/mic.1.2.114
Abstract:This paper reports an experimental study of trading networks.
Networks are incomplete in the sense that each trader can only
exchange assets with a limited number of other traders. The greater
the incompleteness of the network, the more intermediation is
required to transfer the assets between initial and final owners. The
uncertainty of trade in networks constitutes a potentially important
market friction. Nevertheless, we find the pricing behavior observed
in the laboratory converges to competitive equilibrium behavior in
a variety of treatments. However, the rate of convergence varies
depending on the network, pricing rule, and payoff function. (JEL
C91, C92, G10, G19)
Additional links:
Download Data Set |
Online Appendices
Authors:
Gale, Douglas M. (NYU)
Kariv, Shachar (U CA, Berkeley)
JEL Classifications:
C91: Design of Experiments: Laboratory, Individual
C92: Design of Experiments: Laboratory, Group Behavior
G10: General Financial Markets: General (includes Measurement and Data)
G19: General Financial Markets: Other
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