{"id":"https://openalex.org/W2001190740","doi":"https://doi.org/10.1016/0749-5978(92)90013-w","title":"The rationality of prices and volume in experimental markets","display_name":"The rationality of prices and volume in experimental markets","publication_year":1992,"publication_date":"1992-03-01","ids":{"openalex":"https://openalex.org/W2001190740","doi":"https://doi.org/10.1016/0749-5978(92)90013-w","mag":"2001190740"},"language":"en","primary_location":{"id":"doi:10.1016/0749-5978(92)90013-w","doi":"https://doi.org/10.1016/0749-5978(92)90013-w","is_oa":true,"landing_page_url":"https://doi.org/10.1016/0749-5978(92)90013-w","pdf_url":"https://www.sciencedirect.com/science/article/pii/074959789290013W/pdf","source":{"id":"https://openalex.org/S64744539","display_name":"Organizational Behavior and Human Decision Processes","issn_l":"0749-5978","issn":["0749-5978","1095-9920"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","dongbi-b","erih-plus","fnege-1","ft50","jufo-3","ki-jl-1","norway-2","poland-140","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Organizational Behavior and Human Decision Processes","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"hybrid","oa_url":"https://www.sciencedirect.com/science/article/pii/074959789290013W/pdf","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5024087833","display_name":"Colin F. Camerer","orcid":"https://orcid.org/0000-0003-4049-1871","observed_orcids":["https://orcid.org/0000-0003-4049-1871"]},"institutions":[{"id":"https://openalex.org/I79576946","display_name":"University of Pennsylvania","ror":"https://ror.org/00b30xv10","country_code":"US","type":"education","lineage":["https://openalex.org/I79576946"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Colin Camerer","raw_affiliation_strings":["University of Pennsylvania, U.S.A"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Pennsylvania, U.S.A","institution_ids":["https://openalex.org/I79576946"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5024087833"],"corresponding_institution_ids":["https://openalex.org/I79576946"],"apc_list":{"value":3530,"currency":"USD","value_usd":3530},"apc_paid":{"value":3530,"currency":"USD","value_usd":3530},"fwci":13.0863,"has_fulltext":true,"cited_by_count":81,"citation_normalized_percentile":{"value":0.98311723,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":98},"biblio":{"volume":"51","issue":"2","first_page":"237","last_page":"272"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10646","display_name":"Experimental Behavioral Economics Studies","score":0.5205000042915344,"subfield":{"id":"https://openalex.org/subfields/3311","display_name":"Safety Research"},"field":{"id":"https://openalex.org/fields/33","display_name":"Social Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10646","display_name":"Experimental Behavioral Economics Studies","score":0.5205000042915344,"subfield":{"id":"https://openalex.org/subfields/3311","display_name":"Safety Research"},"field":{"id":"https://openalex.org/fields/33","display_name":"Social Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10315","display_name":"Decision-Making and Behavioral Economics","score":0.4207000136375427,"subfield":{"id":"https://openalex.org/subfields/1800","display_name":"General Decision Sciences"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.0471000000834465,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/experimental-markets","display_name":"experimental markets","score":0.7509999871253967},{"id":"https://openalex.org/keywords/trading-volume","display_name":"trading volume","score":0.9599999785423279},{"id":"https://openalex.org/keywords/representativeness-heuristic","display_name":"representativeness heuristic","score":0.8399999737739563},{"id":"https://openalex.org/keywords/bayesian-forecasting","display_name":"Bayesian forecasting","score":0.5180000066757202},{"id":"https://openalex.org/keywords/endowment-effect","display_name":"endowment effect","score":0.8999999761581421},{"id":"https://openalex.org/keywords/optimism-bias","display_name":"optimism bias","score":0.6790000200271606},{"id":"https://openalex.org/keywords/rational-expectations","display_name":"rational expectations","score":0.890999972820282},{"id":"https://openalex.org/keywords/price-forecasting","display_name":"price forecasting","score":0.6150000095367432},{"id":"https://openalex.org/keywords/market-learning","display_name":"market learning","score":0.43299999833106995},{"id":"https://openalex.org/keywords/competitive-markets","display_name":"competitive markets","score":0.4869999885559082},{"id":"https://openalex.org/keywords/negotiation","display_name":"negotiation","score":0.38100001215934753}],"concepts":[{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.7190190553665161},{"id":"https://openalex.org/C37381756","wikidata":"https://www.wikidata.org/wiki/Q20203288","display_name":"Representativeness heuristic","level":2,"score":0.5941206216812134},{"id":"https://openalex.org/C2780253743","wikidata":"https://www.wikidata.org/wiki/Q132382","display_name":"Presumption","level":2,"score":0.5861483216285706},{"id":"https://openalex.org/C201717286","wikidata":"https://www.wikidata.org/wiki/Q938185","display_name":"Rationality","level":2,"score":0.5707257986068726},{"id":"https://openalex.org/C29368100","wikidata":"https://www.wikidata.org/wiki/Q724931","display_name":"Efficient-market hypothesis","level":4,"score":0.5689327716827393},{"id":"https://openalex.org/C96016098","wikidata":"https://www.wikidata.org/wiki/Q853949","display_name":"Rational expectations","level":2,"score":0.5001990795135498},{"id":"https://openalex.org/C204017024","wikidata":"https://www.wikidata.org/wiki/Q485446","display_name":"Optimism","level":2,"score":0.4971363842487335},{"id":"https://openalex.org/C2776291640","wikidata":"https://www.wikidata.org/wiki/Q2912517","display_name":"Value (mathematics)","level":2,"score":0.49409106373786926},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.49204036593437195},{"id":"https://openalex.org/C199776023","wikidata":"https://www.wikidata.org/wiki/Q202875","display_name":"Negotiation","level":2,"score":0.4524593949317932},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.4371870160102844},{"id":"https://openalex.org/C94931360","wikidata":"https://www.wikidata.org/wiki/Q607728","display_name":"Irrational number","level":2,"score":0.4121049642562866},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.3958834111690521},{"id":"https://openalex.org/C15744967","wikidata":"https://www.wikidata.org/wiki/Q9418","display_name":"Psychology","level":0,"score":0.10327357053756714},{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.10315349698066711},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C151730666","wikidata":"https://www.wikidata.org/wiki/Q7205","display_name":"Paleontology","level":1,"score":0.0},{"id":"https://openalex.org/C2780762169","wikidata":"https://www.wikidata.org/wiki/Q5905368","display_name":"Horse","level":2,"score":0.0},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.0},{"id":"https://openalex.org/C77805123","wikidata":"https://www.wikidata.org/wiki/Q161272","display_name":"Social psychology","level":1,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C2524010","wikidata":"https://www.wikidata.org/wiki/Q8087","display_name":"Geometry","level":1,"score":0.0},{"id":"https://openalex.org/C119857082","wikidata":"https://www.wikidata.org/wiki/Q2539","display_name":"Machine learning","level":1,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.1016/0749-5978(92)90013-w","doi":"https://doi.org/10.1016/0749-5978(92)90013-w","is_oa":true,"landing_page_url":"https://doi.org/10.1016/0749-5978(92)90013-w","pdf_url":"https://www.sciencedirect.com/science/article/pii/074959789290013W/pdf","source":{"id":"https://openalex.org/S64744539","display_name":"Organizational Behavior and Human Decision Processes","issn_l":"0749-5978","issn":["0749-5978","1095-9920"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","dongbi-b","erih-plus","fnege-1","ft50","jufo-3","ki-jl-1","norway-2","poland-140","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Organizational Behavior and Human Decision Processes","raw_type":"journal-article"},{"id":"pmh:oai:authors.library.caltech.edu:22136","doi":null,"is_oa":false,"landing_page_url":"https://authors.library.caltech.edu/22136/","pdf_url":null,"source":{"id":"https://openalex.org/S4306402161","display_name":"CaltechAUTHORS (California Institute of Technology)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I122411786","host_organization_name":"California Institute of Technology","host_organization_lineage":["https://openalex.org/I122411786"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"Article"},{"id":"pmh:oai:RePEc:eee:jobhdp:v:51:y:1992:i:2:p:237-272","doi":null,"is_oa":false,"landing_page_url":"http://www.sciencedirect.com/science/article/pii/0749-5978(92)90013-W","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":{"id":"doi:10.1016/0749-5978(92)90013-w","doi":"https://doi.org/10.1016/0749-5978(92)90013-w","is_oa":true,"landing_page_url":"https://doi.org/10.1016/0749-5978(92)90013-w","pdf_url":"https://www.sciencedirect.com/science/article/pii/074959789290013W/pdf","source":{"id":"https://openalex.org/S64744539","display_name":"Organizational Behavior and Human Decision Processes","issn_l":"0749-5978","issn":["0749-5978","1095-9920"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","dongbi-b","erih-plus","fnege-1","ft50","jufo-3","ki-jl-1","norway-2","poland-140","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Organizational Behavior and Human Decision Processes","raw_type":"journal-article"},"sustainable_development_goals":[],"sustainable_development_goals_aurora":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W2001190740.pdf","grobid_xml":"https://content.openalex.org/works/W2001190740.grobid-xml"},"referenced_works_count":93,"referenced_works":["https://openalex.org/W12094719","https://openalex.org/W28903913","https://openalex.org/W50237241","https://openalex.org/W187126810","https://openalex.org/W283293975","https://openalex.org/W583937782","https://openalex.org/W595153173","https://openalex.org/W1486657700","https://openalex.org/W1500482563","https://openalex.org/W1500952623","https://openalex.org/W1507185212","https://openalex.org/W1512934396","https://openalex.org/W1518484475","https://openalex.org/W1525859308","https://openalex.org/W1528501399","https://openalex.org/W1534392094","https://openalex.org/W1598607535","https://openalex.org/W1603115845","https://openalex.org/W1604621920","https://openalex.org/W1674019602","https://openalex.org/W1737802827","https://openalex.org/W1965502098","https://openalex.org/W1970648129","https://openalex.org/W1973624532","https://openalex.org/W1982314020","https://openalex.org/W1982460525","https://openalex.org/W1986646649","https://openalex.org/W1989001531","https://openalex.org/W1990993922","https://openalex.org/W1992102517","https://openalex.org/W1996474768","https://openalex.org/W1998328777","https://openalex.org/W2006553348","https://openalex.org/W2007667475","https://openalex.org/W2009522696","https://openalex.org/W2010527565","https://openalex.org/W2014757010","https://openalex.org/W2015007620","https://openalex.org/W2016377072","https://openalex.org/W2022640694","https://openalex.org/W2025037532","https://openalex.org/W2025212221","https://openalex.org/W2025871550","https://openalex.org/W2027056042","https://openalex.org/W2027219413","https://openalex.org/W2029909441","https://openalex.org/W2030364704","https://openalex.org/W2035750920","https://openalex.org/W2035782089","https://openalex.org/W2041654755","https://openalex.org/W2050643653","https://openalex.org/W2055721458","https://openalex.org/W2055986995","https://openalex.org/W2068518527","https://openalex.org/W2068631238","https://openalex.org/W2069699706","https://openalex.org/W2071419362","https://openalex.org/W2075963991","https://openalex.org/W2076585926","https://openalex.org/W2078574392","https://openalex.org/W2083337635","https://openalex.org/W2085231735","https://openalex.org/W2087034713","https://openalex.org/W2088464787","https://openalex.org/W2088614984","https://openalex.org/W2093903961","https://openalex.org/W2145046219","https://openalex.org/W2150333080","https://openalex.org/W2157323155","https://openalex.org/W2171975196","https://openalex.org/W2218653528","https://openalex.org/W2253841108","https://openalex.org/W2306884709","https://openalex.org/W2507089378","https://openalex.org/W2954039213","https://openalex.org/W3121963374","https://openalex.org/W4210454043","https://openalex.org/W4231282061","https://openalex.org/W4243570446","https://openalex.org/W4245003801","https://openalex.org/W4245409838","https://openalex.org/W4251252946","https://openalex.org/W4252618561","https://openalex.org/W6630267865","https://openalex.org/W6631426491","https://openalex.org/W6631480043","https://openalex.org/W6631862332","https://openalex.org/W6643355655","https://openalex.org/W6649873196","https://openalex.org/W6676199237","https://openalex.org/W6682339395","https://openalex.org/W6688893408","https://openalex.org/W6698101247"],"related_works":["https://openalex.org/W7099384863","https://openalex.org/W7097027209","https://openalex.org/W2215698362","https://openalex.org/W1575180130","https://openalex.org/W2078083521","https://openalex.org/W1575596745","https://openalex.org/W7018244783","https://openalex.org/W2126630799","https://openalex.org/W291444288","https://openalex.org/W2913494164"],"abstract_inverted_index":{"Market":[0],"experiments":[1],"designed":[2],"to":[3,51,137],"test":[4],"whether":[5],"individual":[6,91],"errors":[7,15,92,134],"are":[8,55,93,126,135],"reduced":[9],"by":[10],"markets":[11,26,66,101,125],"generally":[12],"indicate":[13],"that":[14,90,113,133],"do":[16,73],"make":[17],"prices":[18,38,64,114],"or":[19,58],"trading":[20,48,52],"volume":[21],"irrational.":[22],"For":[23],"example,":[24],"in":[25,65,99,116,140],"for":[27],"assets":[28],"of":[29,37,62,82,85],"uncertain":[30],"value":[31],"a":[32],"\u201crepresentativeness\u201d-based":[33],"theory":[34],"predicts":[35],"deviations":[36],"from":[39],"Bayesian":[40],"predictions.":[41],"Endowment":[42],"effects":[43],"and":[44,143],"optimism":[45],"about":[46],"relative":[47],"ability":[49],"lead":[50],"volumes":[53],"which":[54],"too":[56,59],"low":[57],"high.":[60],"Forecasts":[61],"future":[63],"violate":[67],"rational":[68],"expectations":[69],"restrictions.":[70],"And":[71],"subjects":[72],"not":[74,97],"ignore":[75],"their":[76],"own":[77],"information":[78],"when":[79],"making":[80],"forecasts":[81,84],"the":[83,110,130],"others.":[86],"These":[87],"data":[88],"suggest":[89,132],"often":[94],"reduced,":[95],"but":[96,129],"eliminated,":[98],"experimental":[100],"under":[102],"ideal":[103],"learning":[104],"conditions.":[105],"They":[106],"cast":[107],"doubt":[108],"on":[109],"optimistic":[111],"presumption":[112],"negotiated":[115],"competitive":[117],"market":[118],"settings":[119],"will":[120],"reflect":[121],"true":[122],"values.":[123],"The":[124],"unusually":[127],"competitive,":[128],"results":[131],"likely":[136],"be":[138],"important":[139],"two-party":[141],"negotiations":[142],"other":[144],"Settings":[145],"too.":[146]},"counts_by_year":[{"year":2024,"cited_by_count":1},{"year":2023,"cited_by_count":1},{"year":2020,"cited_by_count":3},{"year":2018,"cited_by_count":1},{"year":2017,"cited_by_count":2},{"year":2015,"cited_by_count":2},{"year":2014,"cited_by_count":3},{"year":2013,"cited_by_count":4},{"year":2012,"cited_by_count":2}],"updated_date":"2026-10-30T12:39:25.321706","created_date":"2016-06-24T00:00:00"}
