An Experimental Investigation of Price Dispersion and Cycles
通过连续时间实验研究Burdett-Judd模型，发现价格分布在稳定参数下接近纳什均衡，在非稳定参数下偏向高价，且两种情形均存在价格周期。
We report a continuous-time experiment studying the Burdett-Judd model, whose unique Nash equilibrium (NE) features dispersed prices. Adaptive dynamics predict that the NE is stable for one of our parameter sets and unstable for another. The empirical price distribution is close to the NE distribution for the stable parameter set, but for the unstable parameter set it skews toward higher prices in its NE support interval. We offer an empirical definition of price cycles in terms of changes over time in robust measures of central tendency and dispersion, by which the data exhibit persistent cycles in both treatments but larger cycles for the unstable parameters. Results are roughly similar for professional and student sellers and for limited-information treatments.