We report on an experiment investigating whether the Hayak Hypothesis (Smith, 1982) extends to the long run setting. We …

experiment sessions fit the Geometric Mean model better than the Hahn process, and in addition, the Geometric Mean model provides …

. Automated buyers are similar. Across experiment sessions we vary the exponential distribution parameters of automated sellers … profile of types present in each experiment session. This econometric model demonstrates that (1) human buyers outperform …

experiment which demonstrates that near or even at a competitive equilibrium price, competition is undiminished. A substantial … variability and approximate efficiency. In double auction experiment sessions conducted with both automated and human agents …

The pure exchange model is the foundation of the neoclassical theory of value, yet equilibrium predictions and models … of price adjustment for this model remained untested prior to the experiment reported in this paper. With the exchange … experiment – that the initial trade price in period t+1 is randomly drawn from the interval between the minimum and maximum trade …

market participants when values and bids are private information. In line with the theory, the data show that the price and …