Abdolkarim Sadrieh Books

Experimental economics in the German language community includes some of the earliest experimental work in economics. This collection of papers shows that it also includes fundamental explorations of some of the most robust phenomena in behavioral economics, such as bounded rationality and other regarding preferences, and that it has contributed some of the notable tools for studying these things, such as the ultimatum game and the guessing game. These papers help place in context the current prominence of German, Swiss, and Austrian experimenters at universities around the world. Alvin E Roth, George Gund Professor of Economics, Harvard University

The alternating double auction market institution is presented as a discrete time version of the open outcry market. The game in extensive form is analyzed in an almost perfect information setting, using the concept of subgame perfectness. By applying two new equilibrium selection criteria, a general existence result is obtained for „impatience equilibria“ of the game. All such equilibria are shown to have unique properties concerning the traded quantities and prices. The most important results are that the equilibrium prices are independent of the number of traders and are always very close to - if not inside - the range of competitive prices. The latter can be evaluated as game theoretic support for the convergence of prices to the competitive price. The process of price formation is traced by applying the learning direction theory and introducing the „anchor price hypothesis“.