Learning and market clearing: theory and experiments
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| 003 | CHVBK | ||
| 005 | 20210128100352.0 | ||
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| 008 | 210128e20151001xx s 000 0 eng | ||
| 024 | 7 | 0 | |a 10.1007/s00199-015-0885-8 |2 doi |
| 035 | |a (NATIONALLICENCE)springer-10.1007/s00199-015-0885-8 | ||
| 245 | 0 | 0 | |a Learning and market clearing: theory and experiments |h [Elektronische Daten] |c [Carlos Alós-Ferrer, Georg Kirchsteiger] |
| 520 | 3 | |a This paper investigates theoretically and experimentally whether traders learn to use market-clearing trading institutions or whether other (inefficient) market institutions can survive in the long run. Using a framework with boundedly rational traders, we find that market-clearing institutions are always stable under a general class of learning dynamics. However, we show that there exist other, non-market-clearing institutions that are also stable. Therefore, in the long run, traders may fail to coordinate exclusively on market-clearing institutions. Using a replica-economies approach, we find the results to be robust to large market size. The theoretical predictions were confirmed in a series of platform choice experiments. Traders coordinated on platforms predicted to be stable, including market-clearing as well as non-market-clearing ones, while platforms predicted to be unstable were avoided in the long run. | |
| 540 | |a Springer-Verlag Berlin Heidelberg, 2015 | ||
| 690 | 7 | |a Market institution |2 nationallicence | |
| 690 | 7 | |a Market clearing |2 nationallicence | |
| 690 | 7 | |a Coordination |2 nationallicence | |
| 690 | 7 | |a Learning |2 nationallicence | |
| 700 | 1 | |a Alós-Ferrer |D Carlos |u Department of Economics, University of Cologne, Albertus-Magnus Platz, 50923, Cologne, Germany |4 aut | |
| 700 | 1 | |a Kirchsteiger |D Georg |u ECARES, Université Libre de Bruxelles, Avenue F. D. Roosevelt 50, CP 114, 1050, Brussels, Belgium |4 aut | |
| 773 | 0 | |t Economic Theory |d Springer Berlin Heidelberg |g 60/2(2015-10-01), 203-241 |x 0938-2259 |q 60:2<203 |1 2015 |2 60 |o 199 | |
| 856 | 4 | 0 | |u https://doi.org/10.1007/s00199-015-0885-8 |q text/html |z Onlinezugriff via DOI |
| 898 | |a BK010053 |b XK010053 |c XK010000 | ||
| 900 | 7 | |a Metadata rights reserved |b Springer special CC-BY-NC licence |2 nationallicence | |
| 908 | |D 1 |a research-article |2 jats | ||
| 949 | |B NATIONALLICENCE |F NATIONALLICENCE |b NL-springer | ||
| 950 | |B NATIONALLICENCE |P 856 |E 40 |u https://doi.org/10.1007/s00199-015-0885-8 |q text/html |z Onlinezugriff via DOI | ||
| 950 | |B NATIONALLICENCE |P 700 |E 1- |a Alós-Ferrer |D Carlos |u Department of Economics, University of Cologne, Albertus-Magnus Platz, 50923, Cologne, Germany |4 aut | ||
| 950 | |B NATIONALLICENCE |P 700 |E 1- |a Kirchsteiger |D Georg |u ECARES, Université Libre de Bruxelles, Avenue F. D. Roosevelt 50, CP 114, 1050, Brussels, Belgium |4 aut | ||
| 950 | |B NATIONALLICENCE |P 773 |E 0- |t Economic Theory |d Springer Berlin Heidelberg |g 60/2(2015-10-01), 203-241 |x 0938-2259 |q 60:2<203 |1 2015 |2 60 |o 199 | ||