Can Supply and Demand Parameters Be Recovered From Data Generated by Market Institutions?
通过实验室市场实验数据，比较不同估计方法在恢复供需参数时的准确性，发现单方程估计法在标价市场中优于联立方程法，而联立法在双向拍卖市场的收盘价数据中表现更好。
The relative accuracy of estimators in recovering supply and demand parameters can depend on the market institutions that generate the data. The parameters of known supply and demand functions are estimated with data from laboratory market experiments with human buyers and sellers. Single-equation estimators dominate simultaneous-equations estimators in recovering supply and demand parameters from posted-offer market data. The inaccuracy of simultaneous-equations estimators with posted-offer data can be explained by the implications for error distributions of the inherent properties of this market institution. Simultaneous-equations estimators perform better with closing-price data from double-auction markets.