We consider a pure exchange economy repeated from a fixed endowment for an indefinite number of periods and posit a learning rule which directs convergence to competitive equilibrium. In each period trade converges to an allocation in the contract set, where agents interpret the current (common)...

We test whether students in a hybrid format of introductory microeconomics, which met once per week, performed as well as students in a traditional lecture format of the same class, which met twice per week. We randomized 725 students at a large, urban public university into the two formats, and...

There has been a surprising dearth of decision-theoretic approaches to market equilibration within the extended Arrow-Debreu-McKenzie framework. While game theory is replete with learning and evolutionary models in which Nash equilibria are not necessarily the only stable states of a game,...

We study David Gale's (1963) economy using laboratory markets. Tatonnement theory predicts prices will diverge from an equitable interior equilibrium toward infinity or zero depending only on initial prices. The inequitable equilibria determined by these dynamics give all gains from exchange to...