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RIEB, Kobe University Site Map Access 日本語 Home Research & Education Publications RIEB Discussion Paper Series (English) RIEB Discussion Paper Series No.2015-30 RIEB Discussion Paper Series No.2015-30 Title Revisiting Marshallian versus Walrasian Stability in an Experimental Market Abstract We study dynamics in pit market trading by a laboratory experiment. Our exchange economy model contains two types of consumers and two kinds of commodities, and three competitive equilibria exist. The two equilibria with the lowest, and the highest relative prices are beneficial for one type of the consumers, and the intermediate price gives an equitable allocation. The theory of Walrasian tatonnement dynamics predicts that relative prices diverge from the intermediate equilibrium towards the lowest equilibrium or the highest equilibrium depending on initial prices. On the other hand, Marshallian quantity adjustment process leads the total supplied volume to the intermediate equilibrium only regardless of initial states. In order to examine how robust the equilibrium selection is, we conducted a manual experiment of pit market trading with different combinations of ethnicities of subjects in Kenya. Our result shows strong support for the convergence to the intermediate equilibrium, which is unstable in Walrasian tatonnement dynamics and is stable in Marshallian quantity adjustment process. Keywords Marshallian stability, Walrasian stability, Experiments, Pit market, Kenya JEL Classification C92, D51 Inquiries Junyi SHEN Research Institute for Economics and Business Administration, Kobe University Rokkodai-cho, Nada-ku, Kobe 657-8501 Japan Phone: +81-78-803-7036 FAX: +81-78-803-7059 and School of Economics, Shanghai University, China Ken-Ichi SHIMOMURA Research Institute for Economics and Business Administration, Kobe University Rokkodai-cho, Nada-ku, Kobe 657-8501 Japan Phone: +81-78-803-7036 FAX: +81-78-803-7059 Takehiko YAMATO Department of Social Engineering, Graduate School of Decision Science and Technology,Tokyo Institute of Technology Tokinao OHTAKA Department of Social Engineering, Graduate School of Decision Science and Technology,Tokyo Institute of Technology Kiyotaka TAKAHASHI Department of Social Engineering, Graduate School of Decision Science and Technology,Tokyo Institute of Technology About RIEB Faculty Seminars at RIEB Research & Education Sections Kobe University Site Policy Site Map Access Contact Us Copyright©1996-2018 Research Institute for Economics and Business Administration, Kobe University. All Rights Reserved.