双向拍卖实验手册.doc

双头拍卖实验手册一、介绍Overview: This program runs a double auction in which buyers and sellers submit bids and offers in any order. This is called a double auction because bids tend to increase as in an English auction (e.g. for antiques), and at the same time, offers tend to decrease. Thus the bid-ask spread will narrow until one of the bids or offers is accepted. 简介：这个程序验证的是双向拍卖实验。在双向拍卖中，买方和卖方可以以任何顺序提交出价和要价。之所以被称为“双向拍卖”是因为在英式拍卖中(例如，古董) 出价倾向于增加，与此同时，要价则倾向于减少。因此，买卖价差将逐渐缩小，直到其中的一个出价或者要价被接受。Payoff Parameters: Seller units are given costs and buyer units are given values. All values and costs are random draws from uniform distributions that you specify (rounded to the nearest dollar), unless you choose to enter your own values and costs. Sellers earn money by selling above cost, and buyers earn money by buying below value. You choose the number of rounds, and you have the option of switching to a new set of payoff parameters after a specified number of rounds (e.g. demand or supply shift, tax, price ceiling or floor). The instructions are automatically configured to conform to the parameters you select, and your instructor results page calculates data averages and competitive predictions by round and by treatment. 决定性参数：卖者的单位是既定的成本，买者的单位是既定的价值。除了你自己输入的成本和收益外，其他所有的价值和成本都是随机从你设定的联合分布中抽取的（实行四舍五入），卖者通过高于成本出售而获得货币收入，买者通过低于价值购买而获得货币收入。你可以选择拍卖的回合数,在完成设定的回合数后，你可以选择设定一整套新的决定性参数 (如供应或需求移动、税收、价格上限或下限)。指令将自动配置以符合你的参数选择，你的指导员将生成结果页，并计算每一回合和每一次处理的数据平均值和竞争性预期值。Discussion: The discussion can focus on the relationship between the trading data and the competitive (supply and demand) predictions. For a discussion of behavior in laboratory double auctions, see Davis and Holt (1993), Experimental Economics, Princeton University Press. The first laboratory double auctions are reported in Smith (1962) An Experimental Study of Competitive Market Behavior, Journal of Political Economy, 70(3), 111-137. 讨论：讨论专注于交易数据竞争性预测值 (供给和需求)之间的关系。关于实验室双头拍卖行为的讨论,请参见：戴维斯和霍尔特.1993.实验经济学.普林斯顿大学出版社。在一篇经典论文中，史密斯发表了第一次报告了实验室双头拍卖的结果：史密斯.1962.一个竞争性市场行为的实验研究.政治经济学期刊，70,(3)：111-137。Laboratory double auction experiments are surveyed in Davis and Holt (1993), Experimental Economics, Princeton University Press and in Holt (2006) Markets, Games and Strategic Behavior, Addison-Wesley. The first laboratory double auctions are reported in Vernon Smiths classic 1962 paper in the Journal of Political Economy. 注释：戴维斯和霍尔特(1993)、霍尔特（2006）在以下著作中研究了实验双头拍卖：戴维斯，霍尔特.1993.实验经济学.普林斯顿大学出版社霍尔特.2006.市场,游戏和战略行为. 阿德森韦斯利出版社.弗农史密斯1962年发表的在政治经济学期刊上的经典论文首次报告了双头拍卖的结果。二、实验指导MARKET:DOUBLE AUCTION Instructions PAGE 1-4 OF 9 Rounds: The experiment consists of a sequence of market trading periods or rounds. Roles: Each person will either be a buyer or a seller in all rounds of this part of the experiment. Buyers submit prices to buy units of a commodity to be described below, and sellers submit price offers to sell such units. We will refer to buyers submissions as bid prices and to sellers offers as ask prices. Your role in this part is that of a (seller or buyer).Earnings: In a given period, each seller will have up to 3 units of a commodity to sell, and they will be told the monetary cost of producing each of these units. Sellers may earn money by selling at a price that is above the cost of a unit. Similarly, each buyer will have up to 3 units of a commodity to buy, and they will be told the monetary value of each of these units. Buyers may earn money by buying at a price that is below the value of the unit.第1页回合：实验由一系列的市场交易时段或“回合”组成。角色：在这部分实验的所有回合中，每个人都要么是买方，要么是卖方。买方出价以购买一定数量的某种商品，而卖方则提出愿意销售这么多单位商品的供货价格。我们把买方的提交价格称为“买入价”，而卖家的供价则称为“要价”。你在这部分的角色是一个卖方或者买方。收入：在既定的时段，每个卖方最多有3个单位的某种商品可供出售，他们会被告知每一单位商品生产的货币成本。卖方可赚取销售价格高于单位成本以上的那部分金额。同样，每个买方最多可购买3个单位的某种商品，他们会被告知每一单位商品的货币价值。买方可赚取购买价格低于单位价值的那部分金额。Instructions, ID = 0, Page 2 of 9 Your Role: Seller. For each unit that you sell, you will earn the difference between the selling price of the unit and your cost for that unit. So high prices and low costs are good for sellers like you. The costs for your 3 units will be given to you, and the determination of price is explained next. Or: your Role: Buyer. For each unit that you purchase, you will earn the difference between your monetary value of the unit and the purchase price. So high money values and low prices are good for buyers like you. The money values for your 3 units will be given to you, and the determination of price is explained next. Bid and Ask Prices: When the market opens, any buyer may submit a bid price at which he or she is willing to purchase a unit. Similarly, any seller may submit an offer (or ask) price at which he or she is willing to sell a unit. Transactions: A transaction is finalized when a buyer accepts a sellers offer, or when a seller accepts a buyers bid.第2页你的角色：卖方。对于你所销售的每一单位商品，你将获得该单位商品的售价与其成本之间的差额部分。因此高的售价和低的成本对你这样的卖方是有利的。3个单位商品的成本将告知给你，价格的确定下文再作说明。或者，你的角色：买方。对于你所购买的的每一单位商品，你将获得该单位商品的货币价值与其购买价格之间的差额。因此高的货币价值和低廉的价格对你这样的买方是有利的。3个单位商品的货币价值将告知给你，价格的确定下文再作说明。买入和卖出价格：开市后，任何买方可以提交他或她愿意购买一个单位商品的买入价。同样，任何卖方也可以提交他或她愿意出售一个单位商品的报价或“要求”的价格。交易：一旦买方接受卖方的报价，或者卖方接受买方出价时，一个交易即告达成。Making Bids and Offers, ID = 0, Page 3 of 9 Bid-Ask Spread: At all times the program will display the highest outstanding bid to buy and the lowest outstanding offer to sell. The lowest offer will be above the highest bid, and the difference will be called the bid-ask spread. Bid and Ask Revisions: A new bid from a buyer need not be above the buyers own outstanding bid (if any) for that unit. Similarly, a new ask from a seller need not be below the sellers own outstanding offer (if any) for a particular unit. The option to adjust ones own bid or ask in either direction permits one to correct an error or essentially withdraw a bid (by lowering it) or withdraw an ask (by raising it). Making a Purchase or Sale: A buyer can make a purchase by offering to pay a sellers price, i.e. by entering a bid that is at or above a sellers ask price. Similarly, a seller can make a sale by entering an offer that is at or below a buyers bid price.Resubmission of Bids or Offers: A transaction automatically cancels all prior bids and offers made by the buyer and seller involved, although they are free to enter new bids and offers if they have additional units to buy or sell. Bids and offers made by those who are not involved in the transaction do not have to be reentered; they remain in the queue.第3页：制作买价和卖价买卖价差：在任何时候，程序将显示买方的最高出价，卖方的最低要价。最低要价高出最高出价的差额被称为“买卖价差”。 买入价和卖出价的修改：买方新的出价并不一定要高于买方自己的最高出价。同样，卖方新的要价并不一定要低于卖方自己的最低要价。有选项供买方和卖方调整自己的出价和要价，这或者是为了矫正报价错误，或者是为了撤销出价（通过降低出价）和要价（通过提高要价）。购买或出售：当买方的出价等于或高于卖方的卖出价时，买方可以达成一笔购买。同样，当卖方的报价等于或低于买方的买入价时，卖方可以达成一笔出售。 重新提交买价或报价：一次交易达成后则自动取消所有之前的出价，如果买方和卖方还有剩余的商品单位购买或出售，他们仍然可以自由地进行新的出价。而那些没有达成该次交易的买方和卖方并不需要重新进入，他们仍然排在出价或要价的队列中。Instructions, ID = 0, Page 4 of 9 Example 1: Suppose buyer 1 makes a bid of 1 and seller 3 makes an offer of 3. The next message could be either a new bid (from buyer 1 or from another buyer) or a new offer (from seller 3 or from another seller). Suppose that buyer 2 first bids 1.5 and then raises that to 2, and seller 4 accepts by making an offer at 2. Then both of buyer 2s bids would be removed, and the highest available bid would be buyer 1s original bid of 1. Seller 3s offer of 3 would still stand and would represent the lowest offer at that point. Example 1 (continued): When seller 4 sells to buyer 2 at a price of 2, each of them will earn money. If buyer 2s value for the unit were 6, then the buyer would earn 6 - 2 = 4. Similarly, if seller 4s cost were 1, then the seller would earn 2 - 1 = 1 on the sale. The buyer would not have been permitted to pay more than 6 for the unit with a value of 6, and the seller would not have been permitted to sell at a price below the cost of 1.Subsequent Units: If seller 4 were to have a second unit with a cost of 2, the sellers next offer would have to be at least 2. In contrast, seller 1 who did not yet sell the unit with a cost of 1 would be able to submit any offer that is greater than 1. So you see that some sellers may be trying to sell their first units at the same time that others are trying to sell their second units. Similarly, a buyer who makes a purchase and who has an additional unit value will be required to bid below the value of that second unit.第4页例1：假设买方1 出价1美元，卖方3要价3美元。接下来可能是买方1或其他买方给出一个新的出价，或者卖方3或其他卖方给出一个新的要价。假设买方2第一次出价1.5美元，然后提高到2美元，卖方4接受这一出价，因此这笔交易在2美元达成。然后买方2的两次出价都将被删除，现在最高出价将是买方1原来的1美元出价。卖方3的3美元要价仍然存在，并且是这一时点上的最低要价。 例1（续）：当卖方4 以2美元的价格将商品出售给买方2时，他们两人都会从中获益。如果买方2的单位价值为6美元，则买方将获得6美元2美元= 4美元。同样，如果卖方4的成本为1美元，则卖方将获得2美元1美元= 1美元。买方将不会被允许支付超过单位价值的6美元，卖方也不会被允许以低于成本的1美元价格出售。随后的单位：如果卖方4第二个单位商品的成本为2美元，卖方接下来的要价至少是2美元。相反，卖方1还没有出售单位成本1美元的商品，因此能够提出任何大于1美元的要价。所以你看，有些卖方可能会在其他人都试图出售他们的第二个单位商品时，出售自己的第一个单位商品。同样，已经达成交易并且还有额外商品单位的买方被要求竞标价格低于第二个单位的价值。 Instructions, ID = 1, Page 5 of 9 Values: In this market, you are a buyer with 3 units that can be bought. The values for these units are shown in the table below. For example, the first unit has a value of $9.00. Earnings:. The first unit that you buy will yield money earnings of $9.00 minus the price paid. Of course, if a unit is not purchased, no price is paid but no value is obtained.valuebidpriceearnings窗体顶端unit 1$9.00$unit 2$8.00$unit 3$4.00$窗体底端第五页价值：在这个市场中，你是一个买家，并且有3个商品可以购买，这些商品的价值将在下面的表格中给出。比如，第一单位的商品的价值是9美元。收入：你购买的第一个商品将使你获得9美元减去你为它所支付的价格大小的收入。当然，如果一个商品都没买，没有进行任何支付也就什么收入都不会获得。价值出价价格收入窗体顶端商品 1$9.00$商品 2$8.00$商品 3$4.00$窗体底端Instructions, ID = 1, Page 6 of 9 Earnings: Suppose that you made a bid of $4.79 on the first unit, and that this bid was accepted by a seller. Then the number in the price column would be the same as the number in the bid column, and the associated earnings would be calculated to be $9.00 - $4.79, as shown in the right-hand earnings column below. Earnings are listed as $0.00 on all unpurchased units. Bid Prices:. You enter your bid price in the bid column (try typing in a number, with a decimal to distinguish dollars and cents). Bid prices may differ for each unit, but must not be above the value for that unit. You must purchase your first unit before your second, etc., so you will see a submit box in the bid column for the next available unit (unit 2 in this example).valuebid/askpriceearnings窗体顶端unit 1$9.00$4.79$4.79$4.21unit 2$8.00$0.00unit 2$8.00$0.00unit 3$4.00$0.00窗体底端第六页：收入：假定对第一个商品你的出价是4.79美元，这个出价被一个卖家所接受了。那么，价格栏中的数字将与要价栏中的数字相同，并且对应的收入将会用9美元-4.79美元来计算，正如下面表格中右边收入栏所示。而对所有没有购买的商品收入都是0美元。 （买家）出价：你在出价栏中输入一个出价（输入一个数字，并用十进位数来区分美元和美分）。要价可能对每一个商品不同，但必定不会高于该商品的价值。你必须在购买第二个商品之前先购买第一个商品，以此类推。所以你将看到（在购买第一个商品时）下一个待购买商品的出价栏是空的（比如下图的第二个商品）。价值出/要价价格收入窗体顶端商品 1$9.00$4.79$4.79$4.21商品 2$8.00$0.00商品 2$8.00$0.00商品 3$4.00$0.00窗体底端Questions, ID = 1, Page 7 of 9Please select the best answer.Question 1: Suppose that the market period begins with buyer 1, who bids $1.00 on the buyers first unit. Which is correct?a) The next submission must be a bid above $1.00.b) b) The next submission may come from any buyer (including buyer 1) or from any seller, or it may consist of a seller accepting the buyers bid.Question 2: Suppose that the first buyer bids $7.00 and a seller decides to accept by entering an ask of $7.00. Before this seller can enter the ask, however, a second buyer bids $7.50. The seller, not knowing this, enters the ask of $7.00, after the bid of $7.50 is confirmed. The seller, of course, would be willing to sell at this higher bid price. What will the unit sell for?a) $7.50 b) $7.00第七页：请选择最佳答案：问题1：假设该市场活动从买家1开始，他对他要买的第一个商品出价为1美元，下面哪项是正确的？a)市场中接下来的行动必须是一个高于1美元的出价。b)市场中接下来的行动可能是出自买家（包含买家1）或者任何一个卖家，或者是一个卖家接受该买家的出价。问题2：假设第一个购买家的出价是7美元，有一个卖家决定接受并正在输入7美元的要价。然而，正在该买家要输入该要价时，第二个买家挂出了7.5美元的出价，这个卖家在不知情的情况下输入了7美元的要价。当然，卖家愿意以这个更高的卖家出售。那么该商品会以什么价格出售？a) 7.5美元b) 7美元Answers, ID = 1, (Buyer) Page 8 of 9 Your answer, (a) is Incorrect. The next submission need not be a bid, it can also consist of a seller offer or an acceptance. Your answer, (b) is Correct. The next submission may be either a bid or an offer or an acceptance of the outstanding bid. Your answer, (a) is Correct. A seller who accepts a bid will receive the best (highest) bid price at the time the sellers acceptance is received. Similarly, a buyer who accepts an offer will receive the best (lowest) available ask price at the time the buyers acceptance is received.第八页：问题1的答案是(b),下一个行动不必要是一个（买家的）出价，也可能是一个卖家的要价或者接受该出价。问题2的答案是(a)7.5美元，一个接受某个出价的卖家将在他接受出价时接受最好的（最高的）出价，相似地，一个接受某个要价的买家将在他接受出价时接受最好的（最低的）要价。Instructions Summary, ID = 1, (Buyer) Values and Costs: All values have been determined randomly, and may differ from buyer to buyer. Similarly, all costs have been determined randomly and may differ from seller to seller. The