| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w21996 |
| 来源ID | Working Paper 21996 |
| Just Starting Out: Learning and Equilibrium in a New Market | |
| Ulrich Doraszelski; Gregory Lewis; Ariel Pakes | |
| 发表日期 | 2016-02-15 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | We document the evolution of the newly created market for frequency response within the UK electricity system over a six-year period. Firms competed in price while facing considerable initial uncertainty about market demand and rival behavior. We show that over time prices stabilized, converging to a rest point that is consistent with equilibrium play, and then adjusted to subsequent changes in the market quite quickly. We draw on models of fictitious play and adaptive learning to analyze how this convergence occurs and show that these models predict behavior better than Nash equilibrium prior to convergence. |
| 主题 | Microeconomics ; Households and Firms ; Economics of Information ; Industrial Organization ; Market Structure and Firm Performance ; Regulatory Economics |
| URL | https://www.nber.org/papers/w21996 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/579670 |
| 推荐引用方式 GB/T 7714 | Ulrich Doraszelski,Gregory Lewis,Ariel Pakes. Just Starting Out: Learning and Equilibrium in a New Market. 2016. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w21996.pdf（633KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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