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By Charles Noussair, Steven Tucker

Comprised of 10 surveys through major students, this assortment showcases the most important and quickest becoming strands of analysis on marketplace behaviour in experimental economics. 

  • Covers issues similar to asset markets, contests, environmental coverage, frictions, common equilibrium, labour markets, multi-unit auctions, oligopoly markets, and prediction markets
  • Focuses at the literature that has helped economists most sensible know the way markets operate
  • Assesses the impression of advancements in thought, coverage, and learn methods

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In the field, it seems that a wage cut has stronger 26 CASORIA AND RIEDL effects than a wage increase and non-monetary gifts have a stronger effect than purely financial ones. An important open question is also the longevity of gift-exchange. As field experiments are almost always less controlled than laboratory setups, it is not clear yet what precisely is behind the larger variation in outcomes in field settings. It seems clear that much more research is required to filter out the institutional details that enhance or hamper gift-exchange in work relationships in the field.

2012) Competition and relational contracts: the role of unemployment as a disciplinary device. Journal of the European Economic Association 10: 887–907. Charness, G. (2004) Attribution and reciprocity in an experimental labor market. Journal of Labor Economics 22: 665–688. Charness, G. and Kuhn, P. (2007) Does pay inequality affect worker effort? Experimental evidence. Journal of Labor Economics. 25: 693–723. Charness, G. and Kuhn, P. (2011) Lab labor: what can labor economists learn from the lab?

Cason and Friedman (1996) tested the extant models (Friedman (1991), Gode and Sunder (1993), and a strategic game theoretic model of Wilson (1987)) in a series of experiments and found consistency on some dimensions but relatively weak fits overall. Gjerstad and Dickhaut (1998) subsequently developed a model that explains a bit more of the data. The model is related most closely to Friedman (1991), in that agents perceive the double auction nonstrategically, as a game against nature, but agents are frequentists rather than Bayesians.

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