Equilibrium predictions of the noisy rational expectations model are relatively accurate for laboratory asset and information markets. When information about an asset's uncertain dividend is sold to a fixed number of highest bidders, prices, allocations, efficiency, and a distribution of profit...

The study explores the information aggregation properties of experimental markets. A fully-revealing rational expectations equilibrium exists in the competitive model of each of the markets studied. For markets with a single compound security in which traders have identical preferences, the...

The authors design and study an OLG experimental economy where the government finances a fixed real deficit through seigniorage. The economy has continua of nonstationary rational expectations equilibria and two stationary rational expectations equilibria. The authors do not observe...