2001 | OriginalPaper | Buchkapitel
Markets for contracts: experiments exploring the compatibility of games and markets for games
verfasst von : Charles R. Plott, Dean V. Williamson
Erschienen in: Advances in Experimental Markets
Verlag: Springer Berlin Heidelberg
Enthalten in: Professional Book Archive
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The research explores the relationship between games and the economic environment in which the games might be embedded. The focus is on a market institution in which agents buy and sell rights to participate in a follow on stage of strategic interaction. The central question posed concems how two different types of processes, the game and the market, interact. The market converges to a competitive equilibrium that is consistent with the Nash equilibrium that obtains in the game, and the convergence of the market to a competitive equilibrium lags the convergence of behaviors in the game to a Nash equilibrium.