Sean Crockett

Assistant Professor
Department of Economics and Finance
Zicklin School of Business, Baruch College
City University of New York
55 Lexington Avenue, Room 10-277
New York, NY 10010
Phone: (646) 312-3520
Email: sean.crockett@baruch.cuny.edu

CV

Published and Forthcoming Papers

Price Dynamics in General Equilibrium Experiments (2013), Journal of Economic Surveys, forthcoming.
Extreme Walrasian Dynamics: The Gale Example in the Lab (2011), with Ryan Oprea and Charles Plott, American Economic Review, Vol. 101, p. 3196-3220.
Exchange and Specialisation as a Discovery Process (2009), with Vernon Smith and Bart Wilson, The Economic Journal, Vol. 119, p. 1162-1188.
Learning Competitive Equilibrium (2008), with Stephen Spear and Shyam Sunder, Journal of Mathematical Economics, Vol. 44-7, p. 651-671.
Learning Competitive Equilibrium in Laboratory Exchange Economies (2008), Economic Theory, Vol. 34-1, p. 157-80.

Working Papers

In the Long-Run We All Trade: Reference Dependence in Dynamic Economies (August 2012), with Ryan Oprea. Submitted.

We explore the impact of reference dependence on trade in dynamic economies, both theoretically and experimentally. We first show that under plausible axioms, dynamic economies generate a momentum effect capable of reducing or eliminating the initial trade-dampening impact of the endowment effect over time. We then introduce a novel experiment designed to test this prediction. Our results confirm that subjects’ willingness to trade dramatically increases between the first and second period of our experiment as predicted by the theory. The data also suggest that subjects become increasingly sophisticated over the course of the experiment leading to stronger erosion of the endowment effect than our theory predicts.

A Dynamic General Equilibrium Approach to Asset Pricing Experiments (May 2013), with John Duffy. Submitted

We implement a dynamic asset pricing experiment in the spirit of Lucas (1978) with storable assets and non-storable cash. In one treatment we impose diminishing marginal returns to cash to incentivize consumption-smoothing across periods, while in a second treatment there is no induced motive for trade. In the former case subjects smooth consumption, and assets trade at a discount relative to the risk-neutral fundamental price. This under-pricing is a departure from the “bubbles” observed in the experimental asset pricing experiments of Smith et al. (1988). In our second treatment with no induced motive for trade, assets trade at a premium relative to expected value and shareholdings are highly concentrated.

 

Work in Progress

"Endowed Risk," with Erin Fairweather.
"A Longitudinal Study of Other-Regarding Preferences," with Craig Brown.
"Static vs. Dynamic Elicited Risk Preferences," with John Duffy.
"Edgeworks: Point-and-Click General Equilibrium Markets," with Ryan Oprea and Dan Friedman.
"Competitive Secondary Markets for Digital Goods," with Mehmet Turan.
"A Spatial General Equilibrium Model of Retail Networks".

Appendices, Experimental Data, and Instructions

Extreme Walrasian Dynamics

·         Web Appendix

Learning Competitive Equilibrium in Laboratory Exchange Economies

·         Instructions/Tutorial

·         Individual Regression Results

·         Data