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A Collection of Surveys on Market Experiments


A Collection of Surveys on Market Experiments showcases the largest and fastest growing strands of market behaviour research in experimental economics. The field has expanded significantly since its origins in the early 1960s with studies of competitive markets and oligopoly. This collection is comprised of 10 surveys by leading scholars, which target the most productive lines of experimental research on market behaviour. The contributors draw on seminal studies from experimental economics to highlight the literature that has helped economists best understand how markets operate. The articles cover topics such as asset markets, contests, environmental policy, frictions, general equilibrium, labour markets, multi-unit auctions, oligopoly markets, and prediction markets. The articles here not only summarize the latest research findings, but they also assess the impact of recent developments in theory, policy, and research methods for a complete understanding of the field.

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