Some Market Experiments with Policy Implications

该奖项资助了三个涉及市场实验的不同项目。所有这三个项目都涉及在制定经济政策时使用的基本模型的标准假设的行为相关性。第一个项目通过考虑让卖家提前做出生产决策而不是需求的影响，并通过赋予产品一些有限的耐用性来推广传统的定价寡头游戏。第二个项目考虑了宏观经济学微观基础中的一个重要问题：价格和信息摩擦是名义扰动造成的实际影响的来源。第三个项目是涉及金融市场监管的应用程序。什么时候监管机构？纠正行动影响到一个坚定的S的基本价值，纠正行动的可能性本身就可能破坏证券价格的信息价值。该实验评估了证券价格和监管机构S决策之间这种互动的重要性，并评估了一些潜在补救措施的纠正能力，如预测市场。广泛影响：这些实验中的每一个都揭示了一个背景，即通常用作政策行动基础的模型的预测重要依赖于在自然环境中难以评估的潜在假设。决策实验是洞察偏离这些传统假设的行为后果的一种有用的方式。此外，研究团队正在一所开放访问的城市公立大学和联邦储备系统之间建立新的合作关系。本科生研究助理将广泛了解研究如何为政策提供信息。

This award funds three different projects involving market experiments. All three projects address the behavioral relevance of standard assumptions underlying models used in formulating economic policy. The first project generalizes the conventional price setting oligopoly game by considering the effects of having sellers make production decisions in advance rather than to demand, and also by giving products some limited durability. The second project considers an important issue in the micro-foundations of macroeconomics: price and information frictions as a source of real effects caused by nominal disturbances. The third project is an application involving the regulation of financial markets. When regulators? corrective actions affect a firm?s fundamental value, the very possibility of corrective action may undermine the informative value of security prices. The experiment evaluates the importance of this interaction between security prices and regulator?s decisions, and it evaluates the corrective power of some potential remedies such as prediction markets.Broader Impacts: Each of these experiments sheds light on a context where the predictions of a model conventionally used as a basis for policy actions depends importantly on underlying assumptions that are difficult to evaluate in natural contexts. Decision making experiments are a useful way to can insight into the behavioral consequences of deviations from these conventional assumptions. In addition, the research team is building new collaborations between an open access urban public university and the Federal Reserve system. Undergraduate research assistants will get a broad exposure to how research informs policy.