Market selection by boundedly-rational traders under constant returns to scale

被引：1

作者：

Alos-Ferrer, Carlos ^{[1
]}

Kirchsteiger, Georg ^{[2
]}

机构：

[1] Univ Cologne, Dept Econ, Albertus Magnus Pl, D-50923 Cologne, Germany

[2] Univ Libre Bruxelles, ECARES, Ave F D Roosevelt 50,CP114, B-1050 Brussels, Belgium

来源：

ECONOMICS LETTERS | 2017年 / 153卷

关键词：

Trading institutions; Boundedly-rational traders; Stochastic stability; EVOLUTION;

D O I：

10.1016/j.econlet.2017.02.008

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We consider a dynamic, stochastic model of trading-institution selection with boundedly-rational traders where sellers produce with constant unit costs. Traders will in general fail to coordinate exclusively on market-clearing institutions. Rather, any institution biasing the price upwards is stochastically stable. (C) 2017 Elsevier B.V. All rights reserved.

引用

页码：51 / 53

页数：3

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