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Credit cycles in theory and experiment

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Abstract

We test in the laboratory the potential of evolutionary dynamics as predictor of actual behavior. To this end, we propose an asymmetric game -which we interpret as a borrowerlender relation-, study its evolutionary dynamics in a random matching set-up, and tests its predictions. The model provides conditions for the existence of credit markets and credit cycles. The theoretical predictions seem to be good approximations of the experimental results.

Suggested Citation

  • Antoni Bosch-Domènech & María Sáez, 1999. "Credit cycles in theory and experiment," Economics Working Papers 351, Department of Economics and Business, Universitat Pompeu Fabra.
    • Handle: RePEc:upf:upfgen:351
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    Cited by:

    1. Antonio Cabrales & Walter Garcia Fontes, 2000. "Estimating learning models from experimental data," Economics Working Papers 501, Department of Economics and Business, Universitat Pompeu Fabra.

    More about this item

    Keywords

    Cycles; evolutionary dynamics; games; experiments; Leex;
    All these keywords.

    JEL classification:

    • C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
    • C9 - Mathematical and Quantitative Methods - - Design of Experiments
    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles

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