Search results for ""author charles r. plott""

Information, Finance and General Equilibrium brings together the seminal papers on which Charles R. Plott has founded our understanding of experimental economics and political science.These works reflect the broad and overlapping nature of economics, public economics, public choice and political science. They examine the fundamental problem encountered in of all these subject areas - understanding the nature of allocation under conditions of limited resources and how decision processes, institutions and procedures shape these allocations.In particular, this volume contains papers placed at the two extremes of economic phenomena: the largest system and the smallest system - multiple markets and the individual. It contains the first evidence that multiple market systems can equilibrate to the general competitive equilibrium while allocating risk bearing and information. It is here that the experimental foundations for rational expectations models are discovered and developed. A challenging paradox results, which leads Plott to question why the behaviour of a system so complex as a multiple market system can be modelled so well when individuals can exhibit behaviours that are so at odds with the theory.This fascinating work, from a writer at the forefront of experimental economics, will be warmly welcomed by academics, scholars and researchers involved in experimental economics, the methodology of economics, political theory, and political economy.

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Public Economics, Political Processes and Policy Applications brings together an impressive collection of Charles R. Plott's work in experimental economics.The papers in this volume represent the beginnings of Professor Plott's experimental research on public economics, public choice and political processes, which are the origin for experimental work in mechanism design and experimental testbeds. He addresses the problems related to committees and public choice institutions, and develops methodological foundations that were later exported to other areas of economics. In these groundbreaking experiments strategies for posing questions are developed. The fundamental principles that shape policy studies are discovered and refined.The volume goes on to apply the principles to the prediction of group choice using game theory and voting theory, the power of special institutions and processes to determine outcomes, and the concept of equilibrium and equilibration in decision processes.Finally, the papers reflect a maturing of the methodologies, devoting attention to their success in the area of institutional design in general and of policy in particular. With deep roots in problems related to policy analysis that are carried throughout the volume, Public Economics, Political Processes and Policy Applications will be a fascinating read for those with an interest in experimental economics, the methodology of economics, political theory, and political economy.

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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.Primarily, the volume attempts to explain what is learned from applications of experimental methods, using examples taken from the first stages of the early experimental literature. It goes on to include the first applications of newly developed laboratory methods to matters of national policy, and progresses to examine institutions such as the posted price and to other more complex institutions including opportunities for conspiracy.The focus then shifts to explore the process through which markets find a price, and then discusses the double auction which has enabled experiments to be used to study more complex environments than the single market experiments that existed formerly. The principles of stability are then used in an attempt to learn more about the dynamics of how markets adjust.This pathbreaking volume will be of enormous interest to academics, scholars and researchers involved in experimental economics, the methodology of economics, political theory, and political economy.

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