The importance of memory for price discovery in decentralized markets
Author
Abstract
Suggested Citation
DOI: 10.1016/j.geb.2020.11.002
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Stephan Lauermann & Wolfram Merzyn & Gábor Virág, 2018. "Learning and Price Discovery in a Search Market," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 85(2), pages 1159-1192.
- Newton, Jonathan & Sawa, Ryoji, 2015.
"A one-shot deviation principle for stability in matching problems,"
Journal of Economic Theory, Elsevier, vol. 157(C), pages 1-27.
- Newton, Jonathan & Sawa, Ryoji, 2013. "A one-shot deviation principle for stability in matching problems," Working Papers 2013-09, University of Sydney, School of Economics, revised Jul 2014.
- Klaus, Bettina & Newton, Jonathan, 2016.
"Stochastic stability in assignment problems,"
Journal of Mathematical Economics, Elsevier, vol. 62(C), pages 62-74.
- Bettina Klaus & Jonathan Newton, 2014. "Stochastic Stability in Assignment Problems," Cahiers de Recherches Economiques du Département d'économie 14.02, Université de Lausanne, Faculté des HEC, Département d’économie.
- Klaus, Bettina & Newton, Jonathan, 2014. "Stochastic Stability in Assignment Problems," Working Papers 2014-05, University of Sydney, School of Economics.
- Nax, Heinrich H. & Pradelski, Bary S. R., 2015. "Evolutionary dynamics and equitable core selection in assignment games," LSE Research Online Documents on Economics 65428, London School of Economics and Political Science, LSE Library.
- Péter Biró & Gethin Norman, 2013.
"Analysis of stochastic matching markets,"
International Journal of Game Theory, Springer;Game Theory Society, vol. 42(4), pages 1021-1040, November.
- Peter Biro & Gethin Norman, 2011. "Analysis of Stochastic Matching Markets," CERS-IE WORKING PAPERS 1132, Institute of Economics, Centre for Economic and Regional Studies.
- Crawford, Vincent P & Knoer, Elsie Marie, 1981. "Job Matching with Heterogeneous Firms and Workers," Econometrica, Econometric Society, vol. 49(2), pages 437-450, March.
- Bary S R Pradelski & Heinrich H Nax, 2020. "Market sentiments and convergence dynamics in decentralized assignment economies," Post-Print hal-03100116, HAL.
- Vernon L. Smith, 1962.
"An Experimental Study of Competitive Market Behavior,"
Journal of Political Economy, University of Chicago Press, vol. 70(3), pages 322-322.
- Vernon L. Smith, 1962. "An Experimental Study of Competitive Market Behavior," Journal of Political Economy, University of Chicago Press, vol. 70(2), pages 111-111.
- Sergiu Hart & Andreu Mas-Colell, 2013.
"A Simple Adaptive Procedure Leading To Correlated Equilibrium,"
World Scientific Book Chapters, in: Simple Adaptive Strategies From Regret-Matching to Uncoupled Dynamics, chapter 2, pages 17-46,
World Scientific Publishing Co. Pte. Ltd..
- Sergiu Hart & Andreu Mas-Colell, 2000. "A Simple Adaptive Procedure Leading to Correlated Equilibrium," Econometrica, Econometric Society, vol. 68(5), pages 1127-1150, September.
- Sergiu Hart & Andreu Mas-Colell, 1996. "A simple adaptive procedure leading to correlated equilibrium," Economics Working Papers 200, Department of Economics and Business, Universitat Pompeu Fabra, revised Dec 1996.
- S. Hart & A. Mas-Collel, 2010. "A Simple Adaptive Procedure Leading to Correlated Equilibrium," Levine's Working Paper Archive 572, David K. Levine.
- Sergiu Hart & Andreu Mas-Colell, 1997. "A Simple Adaptive Procedure Leading to Correlated Equilibrium," Game Theory and Information 9703006, University Library of Munich, Germany, revised 25 Nov 1997.
- Stephan Lauermann, 2013.
"Dynamic Matching and Bargaining Games: A General Approach,"
American Economic Review, American Economic Association, vol. 103(2), pages 663-689, April.
- Max Planck Institute & Stephan Lauermann, 2007. "Dynamic Matching and Bargaining Games: A General Approach," 2007 Meeting Papers 269, Society for Economic Dynamics.
- Lauermann, Stephan, 2011. "Dynamic matching and bargaining games: A general approach," MPRA Paper 31717, University Library of Munich, Germany.
- Roth, Alvin E. & Erev, Ido, 1995. "Learning in extensive-form games: Experimental data and simple dynamic models in the intermediate term," Games and Economic Behavior, Elsevier, vol. 8(1), pages 164-212.
- Heinrich H. Nax & Bary S. R. Pradelski, 2016. "Core Stability and Core Selection in a Decentralized Labor Matching Market," Games, MDPI, vol. 7(2), pages 1-16, March.
- Nax, Heinrich H., 2015. "Equity dynamics in bargaining without information exchange," LSE Research Online Documents on Economics 65426, London School of Economics and Political Science, LSE Library.
- Rubinstein, Ariel & Wolinsky, Asher, 1985.
"Equilibrium in a Market with Sequential Bargaining,"
Econometrica, Econometric Society, vol. 53(5), pages 1133-1150, September.
- Arial Rubinstein & Asher Wolinsky, 1985. "Equilibrium in a Market with Sequential Bargaining," Levine's Working Paper Archive 623, David K. Levine.
- Sergiu Hart & Andreu Mas-Colell, 2013.
"Uncoupled Dynamics Do Not Lead To Nash Equilibrium,"
World Scientific Book Chapters, in: Simple Adaptive Strategies From Regret-Matching to Uncoupled Dynamics, chapter 7, pages 153-163,
World Scientific Publishing Co. Pte. Ltd..
- Sergiu Hart & Andreu Mas-Colell, 2003. "Uncoupled Dynamics Do Not Lead to Nash Equilibrium," American Economic Review, American Economic Association, vol. 93(5), pages 1830-1836, December.
- Andersson, Tommy & Gudmundsson, Jens & Talman, Dolf & Yang, Zaifu, 2014.
"A competitive partnership formation process,"
Games and Economic Behavior, Elsevier, vol. 86(C), pages 165-177.
- Tommy Andersson & Jens Gudmundsson & Dolf Talman & Zaifu Yang, 2013. "A Competitive Partnership Formation Process," Discussion Papers 13/04, Department of Economics, University of York.
- Andersson, T. & Gudmundsson, J. & Talman, A.J.J. & Yang, Z., 2013. "A Competitive Partnership Formation Process," Other publications TiSEM b5dd75eb-d5be-4788-97b4-f, Tilburg University, School of Economics and Management.
- Andersson, T. & Gudmundsson, J. & Talman, A.J.J. & Yang, Z., 2013. "A Competitive Partnership Formation Process," Discussion Paper 2013-008, Tilburg University, Center for Economic Research.
- Andersson, Tommy & Gudmundsson, Jens & Talman, Adolphus & Yang, Zaifu, 2013. "A Competitive Partnership Formation Process," Working Papers 2013:2, Lund University, Department of Economics.
- Itai Ashlagi & Yash Kanoria & Jacob D. Leshno, 2017. "Unbalanced Random Matching Markets: The Stark Effect of Competition," Journal of Political Economy, University of Chicago Press, vol. 125(1), pages 69-98.
- Bary S. R. Pradelski & Heinrich H. Nax, 2020. "Market sentiments and convergence dynamics in decentralized assignment economies," International Journal of Game Theory, Springer;Game Theory Society, vol. 49(1), pages 275-298, March.
- Gale, Douglas, 1987.
"Limit theorems for markets with sequential bargaining,"
Journal of Economic Theory, Elsevier, vol. 43(1), pages 20-54, October.
- Douglas Gale, 2010. "Limit theorems for markets with sequential bargaining," Levine's Working Paper Archive 621, David K. Levine.
- Foster, Dean P. & Vohra, Rakesh V., 1997. "Calibrated Learning and Correlated Equilibrium," Games and Economic Behavior, Elsevier, vol. 21(1-2), pages 40-55, October.
- Demange, Gabrielle & Gale, David & Sotomayor, Marilda, 1986.
"Multi-Item Auctions,"
Journal of Political Economy, University of Chicago Press, vol. 94(4), pages 863-872, August.
- Gabrielle Demange & Gale David & Marilda Sotomayor, 1986. "Multi-Item Auctions," Post-Print halshs-00670982, HAL.
- Heinrich Nax, 2015. "Equity dynamics in bargaining without information exchange," Journal of Evolutionary Economics, Springer, vol. 25(5), pages 1011-1026, November.
- Roth, Alvin E & Vande Vate, John H, 1990. "Random Paths to Stability in Two-Sided Matching," Econometrica, Econometric Society, vol. 58(6), pages 1475-1480, November.
- Satoru Fujishige & Zaifu Yang, 2017. "On a spontaneous decentralized market process," The Journal of Mechanism and Institution Design, Society for the Promotion of Mechanism and Institution Design, University of York, vol. 2(1), pages 1-37, December.
- Kelso, Alexander S, Jr & Crawford, Vincent P, 1982. "Job Matching, Coalition Formation, and Gross Substitutes," Econometrica, Econometric Society, vol. 50(6), pages 1483-1504, November.
- Heinrich Nax & Bary Pradelski, 2015. "Evolutionary dynamics and equitable core selection in assignment games," International Journal of Game Theory, Springer;Game Theory Society, vol. 44(4), pages 903-932, November.
- Bayati, Mohsen & Borgs, Christian & Chayes, Jennifer & Kanoria, Yash & Montanari, Andrea, 2015. "Bargaining dynamics in exchange networks," Journal of Economic Theory, Elsevier, vol. 156(C), pages 417-454.
- Douglas D. Davis & Charles A. Holt, 1994. "Market Power and Mergers in Laboratory Markets with Posted Prices," RAND Journal of Economics, The RAND Corporation, vol. 25(3), pages 467-487, Autumn.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Westkamp, Alexander, 0. "Tâtonnement in matching markets," Theoretical Economics, Econometric Society.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Jacob D Leshno & Bary S R Pradelski, 2021. "The importance of memory for price discovery in decentralized markets," Post-Print hal-03100097, HAL.
- Jonathan Newton, 2018. "Evolutionary Game Theory: A Renaissance," Games, MDPI, vol. 9(2), pages 1-67, May.
- Heinrich H. Nax & Bary S. R. Pradelski, 2016. "Core Stability and Core Selection in a Decentralized Labor Matching Market," Games, MDPI, vol. 7(2), pages 1-16, March.
- Heinrich Nax & Bary Pradelski, 2015. "Evolutionary dynamics and equitable core selection in assignment games," International Journal of Game Theory, Springer;Game Theory Society, vol. 44(4), pages 903-932, November.
- Dolgopolov, Arthur & Houser, Daniel & Martinelli, Cesar & Stratmann, Thomas, 2024.
"Assignment markets: Theory and experiments,"
European Economic Review, Elsevier, vol. 165(C).
- Arthur Dolgopolov & Daniel Houser & Cesar Martinelli & Thomas Stratmann, 2019. "Assignment Markets: Theory and Experiments," Working Papers 1075, George Mason University, Interdisciplinary Center for Economic Science.
- Sawa, Ryoji, 2019. "Stochastic stability under logit choice in coalitional bargaining problems," Games and Economic Behavior, Elsevier, vol. 113(C), pages 633-650.
- Nax, Heinrich H. & Pradelski, Bary S. R., 2015. "Evolutionary dynamics and equitable core selection in assignment games," LSE Research Online Documents on Economics 65428, London School of Economics and Political Science, LSE Library.
- Satoru Fujishige & Zaifu Yang, 2017. "On a spontaneous decentralized market process," The Journal of Mechanism and Institution Design, Society for the Promotion of Mechanism and Institution Design, University of York, vol. 2(1), pages 1-37, December.
- Maria Montero & Alex Possajennikov, 2021.
"An Adaptive Model of Demand Adjustment in Weighted Majority Games,"
Games, MDPI, vol. 13(1), pages 1-17, December.
- Maria Montero & Alex Possajennikov, 2021. "An Adaptive Model of Demand Adjustment in Weighted Majority Games," Discussion Papers 2021-06, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham.
- Casajus, André & Kramm, Michael & Wiese, Harald, 2020. "Asymptotic stability in the Lovász-Shapley replicator dynamic for cooperative games," Journal of Economic Theory, Elsevier, vol. 186(C).
- Arnaud Zlatko Dragicevic, 2022. "Exchange Networks with Stochastic Matching," Games, MDPI, vol. 14(1), pages 1-18, December.
- Bary S. R. Pradelski & Heinrich H. Nax, 2020. "Market sentiments and convergence dynamics in decentralized assignment economies," International Journal of Game Theory, Springer;Game Theory Society, vol. 49(1), pages 275-298, March.
- Heinrich H. Nax, 2016.
"When is Market the Benchmark? Reinforcement Evidence from Repurchase Decisions,"
Economics Series Working Papers
781, University of Oxford, Department of Economics.
- Peiran Jiao & Heinrich H. Nax, 2016. "When is Market the Benchmark? Reinforcement Evidence from Repurchase Decisions," Economics Papers 2016-W01, Economics Group, Nuffield College, University of Oxford.
- Bilancini, Ennio & Boncinelli, Leonardo & Newton, Jonathan, 2020. "Evolution and Rawlsian social choice in matching," Games and Economic Behavior, Elsevier, vol. 123(C), pages 68-80.
- Klaus, Bettina & Newton, Jonathan, 2016.
"Stochastic stability in assignment problems,"
Journal of Mathematical Economics, Elsevier, vol. 62(C), pages 62-74.
- Klaus, Bettina & Newton, Jonathan, 2014. "Stochastic Stability in Assignment Problems," Working Papers 2014-05, University of Sydney, School of Economics.
- Bettina Klaus & Jonathan Newton, 2014. "Stochastic Stability in Assignment Problems," Cahiers de Recherches Economiques du Département d'économie 14.02, Université de Lausanne, Faculté des HEC, Département d’économie.
- Rafael R. Guthmann, 2024. "Price dispersion in dynamic competition," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 78(4), pages 1203-1232, December.
- Ennio Bilancini & Leonardo Boncinelli, 2020.
"The evolution of conventions under condition-dependent mistakes,"
Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 69(2), pages 497-521, March.
- Ennio Bilancini & Leonardo Boncinelli, 2016. "The Evolution of Conventions under Condition-Dependent Mistakes," Working Papers - Economics wp2016_11.rdf, Universita' degli Studi di Firenze, Dipartimento di Scienze per l'Economia e l'Impresa.
- Heinrich H. Nax & Bary S.R. Pradelski, 2012. "Evolutionary dynamics and equitable core selection in assignment games," Economics Series Working Papers 607, University of Oxford, Department of Economics.
- Hwang, Sung-Ha & Lim, Wooyoung & Neary, Philip & Newton, Jonathan, 2018.
"Conventional contracts, intentional behavior and logit choice: Equality without symmetry,"
Games and Economic Behavior, Elsevier, vol. 110(C), pages 273-294.
- Hwang, Sung-Ha & Lim, Wooyoung & Neary, Philip & Newton, Jonathan, 2016. "Conventional Contracts, Intentional behavior and Logit Choice: Equality Without Symmetry," Working Papers 2016-13, University of Sydney, School of Economics.
- Shneyerov, Artyom & Wong, Adam C.L., 2020. "Price discovery in a matching and bargaining market with aggregate uncertainty," Games and Economic Behavior, Elsevier, vol. 124(C), pages 183-206.
More about this item
Keywords
Assignment game; Price discovery; Information; Convergence time;All these keywords.
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:gamebe:v:125:y:2021:i:c:p:62-78. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/622836 .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.