This study reports on a block of experimental market sessions designed primarily to provide (1) the severest test yet attempted of the equilibrating forces operating in competitive auction markets and (2) a more rigorously controlled test of the Walrasian hypothesis. Some data are also supplied which show the effect of cash payoffs on the equilibrating behavior of such markets; in particular, the effect of full cash payoffs to all successful trading subjects as against payoffs to a subset of such subjects chosen at random.

Reviews the book "On the Accuracy of Economic Observations," 2nd ed., by Oskar Morgenstern.

Abstract The article reports on recommendations made by the 1964 American Accounting Association Committee on Teacher Development regarding methods and approaches for development of individuals with no teaching experience who aspire to be career accounting instructors. A good teacher should restrict subject matter to be presented in a course to the level of the students' comprehension. At the same time he should stress the relationship of accounting to other fields of business and economics. Accounting teachers must be able to explain accounting. The explanation must be clear, to the point, and adequate. Teachers can identify significant concepts that should be understood and remembered, so that student learning efforts can be channeled to subject-matter areas of major importance. The committee was charged to be primarily concerned with three groups of teachers--doctoral candidates, beginning part-time teachers, and newly-employed staff members with no prior experience in teaching. Doctoral candidates who expect to become teachers should have some carefully supervised teaching experience when pursuing graduate studies.