Comprised of 10 surveys by leading scholars, this collection showcases the largest and fastest growing strands of research on market behaviour in experimental economics. * Covers topics such as asset markets, contests, environmental policy, frictions, general equilibrium, labour markets, multi-unit auctions, oligopoly markets, and prediction markets * Focuses on the literature that has helped economists best understand how markets operate * Assesses the impact of developments in theory, policy, and research methods
Charles N. Noussair is Professor of Economics at Tilburg University, the Netherlands. He specializes in experimental economics and his research uses an experimental approach to study individual choice, collective action, markets, auctions, macroeconomics, and international economics. Steven Tucker is Founder and Director of the Waikato Experimental Economics Laboratory, a state-of-the-art research facility, and Senior Lecturer in Economics at Waikato University, New Zealand. He uses experimental economic methods to study research questions in a range of areas of economics such as industrial organization, financial economics, and macroeconomics.
1. A Collection of Surveys on Market Experiments 1 Charles N. Noussair and Steven Tucker 2. Experimental Labor Markets and Policy Considerations: Incomplete Contracts and Macroeconomic Aspects 5 Fortuna Casoria and Arno Riedl 3. Price Dynamics in General Equilibrium Experiments 31 Sean Crockett 4. Oligopoly Experiments in the Current Millennium 51 Jan Potters and Sigrid Suetens 5. Multiunit Auctions 75 Anthony M. Kwasnica and Katerina Sherstyuk 6. Overbidding and Heterogeneous Behavior in Contest Experiments 109 Roman M. Sheremeta 7. Environmental Markets: What Do We Learn From the Lab? 135 Lana Friesen and Lata Gangadharan 8. Experimental Markets with Frictions 159 Gabriele Camera, Marco Casari and Maria Bigoni 9. Experimental Research on Asset Pricing 179 Charles N. Noussair and Steven Tucker 10. A Review of Bubbles and Crashes in Experimental Asset Markets 197 Stefan Palan 11. Prediction Markets in the Laboratory 219 Cary Deck and David Porter Index 235