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Hauptsachtitel:
Comparing models of consumer behaviour.
In Herausgeberwerk (Quelle):
SW Herausgeber(in):
SW Hauptsachtitel:
The Cambridge handbook of psychology and economic behaviour.
Erscheinungsort:
Cambridge
Erscheinungsjahr:
Seite (von-bis):
227-252
Kurzinfo:
One of the earliest experiments on consumer behaviour was conducted by Edward Chamberlin (1948), who studied market equilibria for buyers and sellers of hypothetical goods. In one version of such an experiment each of the buyers is given a different maximum buy price and each of the sellers is given a different minimum sell price. They then start negotiating with each other to buy or sell their hypothetical good. After each successful negotiation, the agreed price is called. At the end of the experiment, the participants are paid the difference (to their advantage) between the negotiated price and their given price. After a few negotiations, a market equilibrium arises, which equals the intersection of buyers' and sellers' cumulative (given) price distributions. Under these circumstances, economic theory apparently predicts the empirical results quite well.