type/ number | private Z market | private X market | private Y market | endowments |
consumer 1 eight |
could sell for cents = 100 Z (buy orders were in private market) |
could buy for cents (approx) total cents = 9X+2X^{2} (individual orders were approximately the derivative of this) |
could buy for cents (approx) total cents = 32Y + 5/2 Y^{2} (individual orders were approximately the derivative of this) |
10 "bonds" (50:50 chance at 50 cents or nothing) 300 francs |
consumer 2 eight |
could sell for cents = 100 Z (buy orders were in private market) |
could buy for cents (approx) total cents = 9X+2X^{2} (individual orders were approximately the derivative of this) |
could buy for cents (approx) total cents = 30Y+ 5/2Y^{2} (individual orders were approximately the derivative of this) |
10 "bonds" (50:50 chance at 50 cents or nothing) 300 francs |
producer 1 eight |
could produce from X and Y Z = 2 X^{1/2} Y^{1/3} |
could sell 1 at 300 7 and 100 many at 75 |
could sell 6 at 100 many at 75 |
10 "bonds" (50:50 chance at 50 cents or nothing) 300 francs |
producer 2 eight |
could produce from X and Y Z = 2.3 X^{1/3} Y^{1/2} |
could sell 1 at 150 6 at 100 many at 75 |
could sell 6 at 100 many at 75 |
10 "bonds" (50:50 chance at 50 cents or nothing) 300 francs |
comments |
The markets were closed for a time due to a scheduled power outage. During a one hour period the experimenter purchased from all markets in sufficient quantities to double the money supply. |
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