This section discusses the general experimental methodology employed here and the relationship of this chapter to the existing literature. Section 2 introduces the specific experimental design, and Section 3 provides a series of theoretical equilibrium predictions concerning observable behaviour in these markets. The experimental results are presented in Section 4, in two stages: first there is an account of the observed performance of each market relative to theoretical predictions, followed by an analysis of the comparative performance of markets with certain controlled differences. Finally, Section 5 draws several general conclusions and provides suggestions for further research.