Carlos Alós - Ferrer Georg Kirchsteiger Does Learning Lead to Coordination in Market Clearing Institutions ?
نویسندگان
چکیده
This paper analyzes the question of whether traders learn to coordinate on a trading institution that guarantees market clearing, or whether other market institutions can survive in the long run. While we find that the market clearing institution is indeed always stable under a general class of learning dynamics, it turns out that also other, non-market clearing institutions are stable. Hence, in the long run traders may fail to coordinate exclusively in market clearing institu-
منابع مشابه
Does Learning Lead to Coordination on Market Clearing Institutions?
This paper analyzes the question whether traders learn to coordinate on a trading institution that guarantees market clearing, or whether other market institutions can survive in the long run. While we find that the market clearing institution is indeed always stable under a general class of learning dynamics, it turns out that also other, non-market clearing institutions are stable. Hence, in ...
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