The matching market institution: a laboratory investigation
Article Abstract:
A first set of laboratory experiments that compares the matching market (MM) trading institution to the natural alternative called the uniform price or call market is presented. The MM's general characteristics were examined using varied trading institutions and several other treatment variables. Results indicate that the demand shocks and the subject pool have little influence on the institutional comparison and that the matching institution leads to lower efficiency, less value revelation and lower efficiency.
Publication Name: American Economic Review
Subject: Economics
ISSN: 0002-8282
Year: 1998
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Inefficient information aggregation as a source of asset price bubbles
Article Abstract:
A theory of bubbles, or discrepancies between an asset's market price and its fundamental value, is presented. In Bayesian terms, traders receive private information or news and make inferences from price signals. Prices exhibit higher variance than fundamental value, which is based on aggregate information, especially when news is less frequent but more precise. The inefficient information aggregation relates to bubbles that are self-limiting and overshooting.
Publication Name: Bulletin of Economic Research
Subject: Economics
ISSN: 0307-3378
Year: 1992
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Analysis of US real GNP and unemployment interactions: state space approach
Article Abstract:
Bivariate and trivariate state space models are used to study the relationships of the real GNP with level of unemployment in the US, taking into account monetary shocks, as exemplified by the US money supply M1. Stochastic trends are extracted from the nonstationary data utilizing the model. The trivariate model does not reveal results complying with Okun's law.
Publication Name: Journal of Economic Dynamics & Control
Subject: Economics
ISSN: 0165-1889
Year: 1993
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