caa a22 4500 605475547 CHVBK 20210128100352.0 cr unu---uuuuu 210128e20151001xx s 000 0 eng 10.1007/s00199-015-0885-8 doi (NATIONALLICENCE)springer-10.1007/s00199-015-0885-8 Learning and market clearing: theory and experiments [Elektronische Daten] [Carlos Alós-Ferrer, Georg Kirchsteiger] 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. Springer-Verlag Berlin Heidelberg, 2015 Market institution nationallicence Market clearing nationallicence Coordination nationallicence Learning nationallicence Alós-Ferrer Carlos Department of Economics, University of Cologne, Albertus-Magnus Platz, 50923, Cologne, Germany aut Kirchsteiger Georg ECARES, Université Libre de Bruxelles, Avenue F. D. Roosevelt 50, CP 114, 1050, Brussels, Belgium aut Economic Theory Springer Berlin Heidelberg 60/2(2015-10-01), 203-241 0938-2259 60:2<203 2015 60 199 https://doi.org/10.1007/s00199-015-0885-8 text/html Onlinezugriff via DOI BK010053 XK010053 XK010000 Metadata rights reserved Springer special CC-BY-NC licence nationallicence 1 research-article jats NATIONALLICENCE NATIONALLICENCE NL-springer NATIONALLICENCE 856 40 https://doi.org/10.1007/s00199-015-0885-8 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Alós-Ferrer Carlos Department of Economics, University of Cologne, Albertus-Magnus Platz, 50923, Cologne, Germany aut NATIONALLICENCE 700 1- Kirchsteiger Georg ECARES, Université Libre de Bruxelles, Avenue F. D. Roosevelt 50, CP 114, 1050, Brussels, Belgium aut NATIONALLICENCE 773 0- Economic Theory Springer Berlin Heidelberg 60/2(2015-10-01), 203-241 0938-2259 60:2<203 2015 60 199