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Keynes Fund

 

Project Summary

Prof. Sanjeev Goyal - Experiments on 'Networked Markets' (JHLR).

Originally, the project had two parts, part one was on price discrimination and the the second part was on heterogenous valued paths. We have made progress on both parts - we have developed and analyzed theoretical models of both problems. But for the experimental side we decided to focus our energies on information and pricing in networks. A major part of these experiments were published in the paper titled, Trading in Networks: Theory and Experiments in the Journal of European Economic Association in 2017. The project and the paper published are joint work with Syngjoo Choi (Seoul) and Andrea Galeotti (EUI).

I note that the JEEA paper was discussed at length in my final report on the project titled, 'Experiments on Financial Networks', which was submitted to the Keynes Fund Managers in April 2017. The present report covers experiments that were not included in that published paper but are included in a separate paper titled, 'Trading in Networks: Uniform Prices'.

I would like to add that these two projects, funded by the Keynes Fund, were an important input in on-going my European Horizon 2020 Award that studies large scale experiments. The award is worth 2.6 million Euros, and involves collaboration with economists, social scientists, mathematicians, and physicists across 7 universities (Alto in Finland; Cambridge and Oxford in the UK; Carlos 3, Valencia and Zaragoza in Spain; University of Amsterdam in Netherlands).

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