Decentralized and impersonal exchange is fundamental to contemporary economies, where many interactions take place among individuals with low levels of information about their counterpart. We review the experimental literature about markets with frictions, where strangers interact in pairs formed at random in economies of indefinite duration. We focus on the impact of communication on the efficiency of the outcome and report results of a new experiment.
EXPERIMENTAL MARKETS WITH FRICTIONS / Gabriele Camera;Marco Casari;Maria Bigoni. - In: JOURNAL OF ECONOMIC SURVEYS. - ISSN 0950-0804. - STAMPA. - 27:3(2013), pp. 536-553. [10.1111/joes.12018]
EXPERIMENTAL MARKETS WITH FRICTIONS
Gabriele Camera;CASARI, MARCO;BIGONI, MARIA
2013
Abstract
Decentralized and impersonal exchange is fundamental to contemporary economies, where many interactions take place among individuals with low levels of information about their counterpart. We review the experimental literature about markets with frictions, where strangers interact in pairs formed at random in economies of indefinite duration. We focus on the impact of communication on the efficiency of the outcome and report results of a new experiment.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
