PRICE DYNAMICS IN GENERAL EQUILIBRIUM EXPERIMENTS
回顾了实验室研究，发现经典动态理论能很好地组织一般均衡环境中的市场活动，表明瓦尔拉斯拍卖人是一种建设性抽象，理论应容纳而非规避不稳定性。
Abstract General equilibrium (GE) theory faces several related challenges. Classical theories of out‐of‐equilibrium adjustment are intuitive but implausibly centralized. Further, standard restrictions on individual preferences place little structure on aggregate excess demand functions. Amongst other issues, this fact implies that economies can be unstable under classical dynamics, and thus instability appears to be an unavoidable feature of GE theory. This paper recounts laboratory studies of GE environments which reveal that classical theories of dynamics do, in fact, organize market activity surprisingly well. These experiments suggest that the Walrasian auctioneer, for example, appears to be a constructive abstraction, and that instability should be accommodated within theory rather than circumscribed. Laboratory applications of GE theory focused on issues beyond stability and dynamics are also briefly surveyed.