Table 1.

Experimental data: Trading prices ($) for each of 15 periods

Period	Exp. 1 AR Mar 96	Exp. 2 CR Mar 96	Exp. 3 CR May 97	Exp. 4 CR May 97	Exp. 5 AR Jul 97A	Exp. 6 AR Jul 97B	Exp. 7 AR Jul 97E
1	4.99	5.91	5.05	7.64	4.03	2.88	2.89
2	3.59	4.28	4.86	4.58	4.22	3.06	3.04
3	3.29	3.93	4.56	4.32	3.83	2.81	3.03
4	2.88	3.36	4.23	3.91	3.00	2.26	3.09
5	2.91	3.45	4.08	3.56	2.65	2.40	3.12
6	2.80	4.11	3.95	3.96	3.03	2.12	3.08
7	2.87	3.27	3.73	3.62	3.08	2.33	3.09
8	2.79	2.98	3.53	3.95	3.54	2.43	3.11
9	2.74	2.71	3.42	3.00	3.60	2.34	3.09
10	2.74	2.76	3.36	3.53	3.06	2.43	3.16
11	2.71	2.93	3.16	3.53	3.12	2.42	3.07
12	2.72	2.94	3.00	3.39	3.22	1.96	3.07
13	2.7	2.85	3.12	3.53	3.12	2.44	2.99
14	3.00	2.97	2.99	3.50	3.25	3.10	3.03
15	2.74	2.95	2.92	3.60	3.11	3.30	3.11

The data for each of the 15 periods of the seven experiments are displayed, with CR denoting the experiments with an initial cash rich endowments and AR the asset rich. The prices for the cash rich experiments are generally higher than those of the asset rich.