Table 2.
Excess supply and data of experiments
| Exp. | (S − D)/S | Price, $
|
|||
|---|---|---|---|---|---|
| Mean | Mean last 8 | Last value | First value | ||
| 1 AR Mar 96 | 0.125 | 3.03 | 2.77 | 2.74 | 4.99 |
| 2 CR Mar 96 | −0.8125 | 3.43 | 2.89 | 2.95 | 5.91 |
| 3 CR May 96A | −0.86 | 3.73 | 3.19 | 2.92 | 5.05 |
| 4 CR May 96B | −0.86 | 3.97 | 3.50 | 3.60 | 7.64 |
| 5 AR Jul 97A | 0.125 | 3.32 | 3.25 | 3.11 | 4.03 |
| 6 AR Jul 97B | 0.125 | 2.55 | 2.55 | 3.30 | 2.88 |
| 7 AR Jul 97E | 0.125 | 3.06 | 3.07 | 3.11 | 2.89 |
For each experiment, the excess relative supply (S − D)/S = q is listed along with the overall mean, the mean for the last eight periods, and the last and first values. In the last experiment (AR Jul 97E), each of the participants received an identical distribution, whereas the previous two experiments allotted different distributions to the traders, though the ratio of total cash to asset was identical in the three experiments.