| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5832 |
| DP5832 Housing Market Dynamics and Regional Migration in Britain | |
| John Muellbauer; Anthony Murphy; Gavin Cameron | |
| 发表日期 | 2006-09-17 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | We consider a pure exchange economy, where for each good several trading institutions are available, only one of which is market-clearing. The other feasible trading institutions lead to rationing. To learn on which trading institutions to coordinate, traders follow behavioural rules of thumb that are based on the past performances of the trading institutions. Given the choice of institutions, market outcomes are determined by an equilibrium concept that allows for rationing. We find that full coordination on the market-clearing institutions without any rationing is a stochastically stable outcome, independently of the characteristics of the alternative available institutions. We also find, though, that coordination on other, non-market-clearing institutions with rationing can be stochastically stable. |
| 主题 | Industrial Organization |
| 关键词 | Market institutions Evolution of trading platforms Learning General equilibrium Rationing |
| URL | https://cepr.org/publications/dp5832 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/534671 |
| 推荐引用方式 GB/T 7714 | John Muellbauer,Anthony Murphy,Gavin Cameron. DP5832 Housing Market Dynamics and Regional Migration in Britain. 2006. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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