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Measuring Delay Discounting in Humans Using an Adjusting Amount Task

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Summary

This summary is machine-generated.

Experiments show that allowing goods to be re-traded in markets increases trade volume but decreases efficiency. Subject experience, however, improves efficiency by helping traders learn their optimal roles.

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Area of Science:

Behavioral economics
Experimental economics
Market design

Background:

Traditional double auction markets demonstrate efficiency with untrained subjects due to private information aggregation.
Previous studies focused on perishable goods, limiting re-trading and speculative behavior.
The role of re-tradability and its impact on market dynamics and participant learning remained underexplored.

Purpose of the Study:

To investigate the effects of re-tradability on market efficiency and trade volume.
To examine how allowing speculative motives influences market convergence and participant behavior.
To assess the role of subject experience in adapting to different market structures.

Main Methods:

Conducting repeated single-period market experiments.
Varying the tradability of goods by imposing or relaxing re-trade restrictions within each period.
Comparing markets with and without re-trade to observe differences in trading volume, efficiency, and convergence.

Main Results:

Markets allowing re-trade exhibited significantly increased trade volume compared to non-re-trade markets.
Efficiency decreased in re-trade markets, attributed to speculative motives.
Subject experience was found to increase efficiency over time, regardless of re-trade conditions.
Speculation in re-trade markets slowed the convergence process as individuals took longer to learn their specialized roles.

Conclusions:

Re-tradability in markets introduces speculative motives that can decrease overall efficiency despite increasing trade volume.
Subject experience is crucial for improving market efficiency, particularly in complex trading environments.
Market design, specifically the allowance of re-trade, significantly impacts information aggregation, speculative behavior, and learning dynamics.