Bargaining and market behavior - essays in experimental economics

Animat Market - Trading Interactions as Collective Social Adaptive Behavior

We argue that human economic interactions, particularly bargaining and trading in market environments, can be considered as collective social adaptive behaviors. Such interactions are social in the sense that they depend on socially-agreed market regulations and communication protocols, and are collective in the sense that global market dynamics depend on the interactions of groups of traders. ...

Three Essays in Experimental Economics: Market Performance, Voluntary Contributions to Public Goods, and Emission Permit Trading

Shop 'Til You Drop II: Collective Adaptive Behavior of Simple Autonomous Trading Agents in Simulated Retail Markets

In a companion paper [9] we argued that human economic interactions, particularly bargaining and trading in market environments, can be considered as adaptive behaviors, and that the tools and techniques of adaptive behavior research can be profitably employed in modeling naturally-occUlTing markets or constructing artificial market-based systems. H groups of simple artificial agents interact t...

Bargaining and Market Behavior in Jerusalem, Ljubljana, Pittsburgh, and Tokyo: An Experimental Study

In an experiment comparing related two-person bargaining and multiperson market environments in Israel, Japan, the United States, and Yugoslavia, market outcomes converged to equilibrium everywhere, and there were no payoff-relevant differences among countries. However, bargaining outcomes were everywhere different from the equilibrium predictions (both in observed agreements and in the substan...

Shop ‘Til You Drop I: Market Trading Interactions as Adaptive Behavior

We argue that human economic interactions, particularly bargaining and trading in market environments, can be consideredas adaptive behaviors. Moreover, the tools and techniques of adaptive behavior research could be pro tably employed to build predictive models of existing or planned market systems. In addition to applications in economic modeling, \trading animats" could nd use in market-base...