par Alós-Ferrer, Carlos;Kirchsteiger, Georg
Référence Economics letters, 153, page (51-53)
Publication Publié, 2017-04
Article révisé par les pairs
Résumé : We consider a dynamic, stochastic model of trading-institution selection with boundedly-rational traders where sellers produce with constant unit costs. Traders will in general fail to coordinate exclusively on market-clearing institutions. Rather, any institution biasing the price upwards is stochastically stable.