Decentralized dynamics in buyer-seller markets: theory and experimental evidence

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We study dynamics of price convergence in buyer-seller markets using evolutionary game theory and the theory of learning in games. We discuss old and new (own) evidence from controlled lab and online experiments in such markets. We identify the key features of human decision-making, analyze the value of information, and investigate the resulting convergence properties of such behaviorally founded models. Particular attention is paid to equilibrium and out-of-equilibrium dynamics.