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Charles Plott
- By Charles Plott; Industrial Organization Theory and Experimental Economics
econpapers.repec.org/RePEc:aea:jeclit:v:20:y:1982:i:4:p:1485-1527
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Is industrial organization based on experimental economics?
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imentation in economics was moti-vated by theories of industrial organiza-tion and market performance. The first published market experiments were those of Edward H. Chamberlin (1948). He ex-plored the behavioral characteristics of markets he described as being "purely" but not "perfectly" competitive and he thought that the principles of ...
Austin C. Hoggatt (1959) and Heinz Sauermann and Reinhard Selten (1959) both focused on markets with three competitors and independently provided the first experimental evidence that the Cournot model might be a reasonably accurate description of oligopolistic behavior.
Industrial Organization Theory and Experimental Economies. The Introduction of laboratory experimentation in economics was motivated by theories of industrial organization and market performance. The first published market experiments were those of Edward H. Chamberlin (1948).
- Learning in The Laboratory About Theories
- Learning from Observations of Individual Behavior
- Organizational Structure
Oligopoly theory is part of neoclassical economics. In principle, neoclassical economics is based on methodological individualism, that is, the requirement that all social phenomena should be explained in terms of the actions of individuals.Footnote 7 In practice, the neoclassical theory of the firm, of which oligopoly theory is a special case, doe...
Let us apply the deductive tree to the problem of learning from individual behavior about large organizations’ behavior in similar settings. From an inductivist point of view, one must generalize from some observed cases to non-observed cases that are different on some and similar on other dimensions. Inductivists reconstruct this as analogical rea...
As we have seen, many experiments falsify the HO model. Some of these experiments can even be viewed as falsifications of simple theories of single-person firms, theories that predict profit maximization. However, it does not follow from these experiments that the neoclassical theory of the firm as a theory of organizational behavior must be consid...
- Max Albert, Andreas Hildenbrand
- 2016
Experimental economists frequently claim that they can contribute to industrial organization (IO) by observing individual behavior in, for example, Cournot or Stackelberg games. In these experiments, they regularly falsify the hypothesis of profit maximization, which is, by and large, retained in applied IO.
- Max Albert, Andreas Hildenbrand
- 2016
This outstanding collection spanning three decades comprises a superb selection of Charles R. Plott’s work in experimental economics. Market Institutions and Price Discovery contains papers which define problems, create laboratory methodology and produce the first results in many areas of experimental economics.
Sep 26, 2001 · This outstanding collection spanning three decades comprises a superb selection of Charles R. Plott’s work in experimental economics. Market Institutions and Price Discovery contains papers which define problems, create laboratory methodology and produce the first results in many areas of experimental economics.
