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Intertemporal Competitive Equilibrium: An Empirical Study of Speculation

Ross M. Miller; Charles R. Plott; Vernon L. Smith
Quarterly Journal of Economics 1977 91(4), 599
Theory and hypotheses, 600.—Subjects and experimental design, 601.—Experimental results, 605.—Concluding remarks, 610.—Appendix 1: Instructions for market experiment 1, 610.—Appendix 2: Instructions, 615.—Appendix 3: Subject index and limit prices, 618.—Appendix 4: Contracts in experiment 1, and bids, offers, and contracts for experiment 2, 619.

An Example of a Trading Economy with Three Competitive Equilibria

L. S. Shapley; Martin Shubik
Journal of Political Economy 1977 85(4), 873-875
This brief note is presented as a convenience for those who wish to see what an actual numerical example of a smooth trading economy with multiple equilibria looks like in terms of an Edgeworth box diagram. The authors present a two trader two commodity example in terms of a fanciful exchange between two kinds of money.