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	The Hayek Hypothesis and Long Run Competitive Equilibrium: An Experimental Investigation
	Jason Shachat ; Zhenxuan Zhang
	2013-11-08
出处	http://www.wise.xmu.edu.cn/paperInfor.asp?id=259
关键词	Experiment Double Auction Hayek Hypothesis Long Run Equilibrium Bounded Rationality
英文摘要	We report on an experiment investigating whether the Hayak Hypothesis (Smith, 1982)extends to the long run setting. We consider two environments; one with a common pro-duction technology having a U-shaped long run average cost curve and a single competitive equilibrium, and another with a common constant returns to scale technology having a constant long run average cost curve and multiple competitive equilibria. While there is convergence in both environments to the long run equilibrium, it takes longer and is less robust than usually observed in the short run setting. We show that price formation is adaptive and quickly converges to realized short run equilibrium, but long run investment decisions exhibit very limited rationality. We present and estimate an investment choice model that shows that only minimal rationality, coupled with repeated decisions, is enough to achieve high long run allocative eciency when markets use continuous double auctions. JEL classification: C92; D02
语种	中文
内容类型	研究报告
源URL	[http://dspace.xmu.edu.cn/handle/2288/56849]
专题	王亚南院－工作文稿
推荐引用方式 GB/T 7714	Jason Shachat,Zhenxuan Zhang. The Hayek Hypothesis and Long Run Competitive Equilibrium: An Experimental Investigation. 2013.

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