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

Alos-Ferrer Carlos; Kirchsteiger Georg

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

机译：规模收益不变的有限理性交易者的市场选择

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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.

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《Economics letters》 |2017年第4期|51-53|共3页
作者
Alos-Ferrer Carlos; Kirchsteiger Georg;
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作者单位

Univ Cologne, Dept Econ, Albertus Magnus Pl, D-50923 Cologne, Germany;

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

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原文格式 PDF
正文语种 eng
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关键词
Trading institutions; Boundedly-rational traders; Stochastic stability;

机译：贸易机构;有限理性的贸易商;随机稳定性;

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

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