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| Author: | Anderson, M. J. Blue, E. R. |
| Title: | Economic Data, Conventions, and Replication in Laboratory Asset Markets |
| Journal: | Journal of behavioral finance
2003 : VOL. 4:1, p. 41-48 |
| Index terms: | ASSETS DATA MANAGEMENT DATA MANAGEMENT DATA ANALYSIS |
| Language: | eng |
| Abstract: | Data extracted from naturally occurring markets and other economic environments often suffer from problems like data confounds and intercorrelations. The authors report results from a series of experimental markets that suggest some of the data problems can be overcome by using experimental techniques. The authors use predetermined (videotaped) draws to replicate results from prior research. This is contrary to the conventional wisdom in the literature, which holds that draws should be "live." The results suggest that the price and allocation behavior of markets can be replicated using predeter- mined draws to initiate trading. Furthermore, the primary strength of the experimental method-control-is maintained. |
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