An Experimental Study of Competitive Market Behavior

  title={An Experimental Study of Competitive Market Behavior},
  author={Vernon L. Smith},
  journal={Journal of Political Economy},
  pages={111 - 137}
  • V. Smith
  • Published 1 April 1962
  • Journal of Political Economy
RECENT years have witnessed a growing interest in experimental games such as management decision-making games and games designed to simulate oligopolistic market phenomena. This article reports on a series of experimental games designed to study some of the hypotheses of neoclassical competitive market theory. Since the organized stock, bond, and commodity exchanges would seem to have the best chance of fulfilling the conditions of an operational theory of supply and demand, most of these… Expand
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