Alos-Ferrer, Carlos and Kirchsteiger, Georg (2017). Market selection by boundedly-rational traders under constant returns to scale. Econ. Lett., 153. S. 51 - 54. LAUSANNE: ELSEVIER SCIENCE SA. ISSN 1873-7374
Full text not available from this repository.Abstract
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.
| Item Type: | Journal Article | ||||||||||||
| Creators: |
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| URN: | urn:nbn:de:hbz:38-235525 | ||||||||||||
| DOI: | 10.1016/j.econlet.2017.02.008 | ||||||||||||
| Journal or Publication Title: | Econ. Lett. | ||||||||||||
| Volume: | 153 | ||||||||||||
| Page Range: | S. 51 - 54 | ||||||||||||
| Date: | 2017 | ||||||||||||
| Publisher: | ELSEVIER SCIENCE SA | ||||||||||||
| Place of Publication: | LAUSANNE | ||||||||||||
| ISSN: | 1873-7374 | ||||||||||||
| Language: | English | ||||||||||||
| Faculty: | Unspecified | ||||||||||||
| Divisions: | Unspecified | ||||||||||||
| Subjects: | no entry | ||||||||||||
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| Refereed: | Yes | ||||||||||||
| URI: | http://kups.ub.uni-koeln.de/id/eprint/23552 |
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