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1、MarketsandcompetitiveequilibriumChamberlin,EdwardH.[1948],Anexperimentalimperfectmarket,”JournalofPoliticalEconomy,•Chamberlainintroducedthedesignoflaboratorymarketswithcontrolledsupplyanddemand.Hegaveeachpotentialbuyeravalue,andeachpotentialselleracost,andinstructedthemthattheirprofitwou
2、ldbethedifferencebetweenthatandanypriceatwhichtheyagreedtotransact:•Buyerprofit=Value-Price.Sellerprofit=Price-Cost.•Heinvestigatedadecentralizedmarketinwhichsubjectswalkaroundtheroomandbargaininpairsorgroups.Onceapairreachesanagreement,theyleavethemarket.(I.e.eachbuyerwants1unit,andeachs
3、ellercansupply1unit)equilibriumprice=56-58,quantity=15Chamberlinfound“Notendencyforpricestomovetowardequilibriumduringthecourseofthemarket.”Ofcourse,aftereachtrade,theremainingsupplyanddemandcurvesshiftastradersleavethemarket,sohegraphedthe“movingequilibrium.”Doubleauction:rules1.Buyerper
4、iodprofit=Value-Price.Sellerperiodprofit=Price-Cost.2.Allbuyersandsellerswillbepaidforonerandomlychosentradingperiod.3.Eachtradingperiodwilllastfor3minutes(initially;auctioneercanmakeadjustmentsasrequired).4.Sellerscanmakeasksoracceptbidsafterbeingrecognizedbytheauctioneer.Sellersmuststa
5、tetheirsellernumberandpriceaskedoraccepted.5.Buyerscanmakebidsoracceptoffersafterbeingrecognizedbytheauctioneer.Buyersmuststatetheirbuyernumberandpriceofferedoraccepted.6.Onlythelowestofferandhighestbidwillbeactive.Newoffersandbidsmustbeimprovementsonactiveoffersandbids.7.Nolossesareallow
6、ed(youcan’tsellatbelowcostorbuyataboveyourvalue).8.Whenanofferorbidisaccepted,activeoffersandbidsareerasedandanynewoffersorbidsareaccepted.OneveryinfluentialsubstreamofthisworkbeganwithSmith,VernonL.[1962],“Anexperimentalstudyofcompetitivemarketbehavior,”JournalofPoliticalEconomy,70,111-1
7、37.•“ThedesignofmyexperimentsdiffersfromthatofChamberlininseveralways.InChamberlin'sexperimentthebuyersandsellerssimplycirculateandengageinbilateralhigglingandbargaininguntiltheymakeacontractorthetradingperiodends.Ascontractsaremadethetransactionpriceisrecordedonthe
