What are they?
Basically the experiments we have developed are Internet based. Given the global widespread use of social applications, it is now more easy to setup and build experimental frameworks based on Internet.
The advantages of using Internet based experiments, is that one can setup fairly large number of players interacting in a common controlled environment.
This is the principal idea of our first experiment ‘Simple’. The idea behind this experiment is to try to uncover how players setup prices as if they were firms. This experiment falls in the class of “price-offer markets” and has been analysed in the past. However, these studies only revealed that the average price of the system was not close to any of the known economic standards: competitive market price, monopoly price, etc. One of the questions behind this project is to figure out what are the minimal ingredients needed to understand how players sets the price in this competitive market.