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.
Date: 12 February 2019, 12:45 (Tuesday, 5th week, Hilary 2019)
Venue: Nuffield College, New Road OX1 1NF
Venue Details: Butler Room of D staircase
Speaker: Heinrich Nax (University of Zurich)
Organising department: Department of Economics
Part of: Learning, Games and Network Seminar
Booking required?: Not required
Audience: Members of the University only
Editor: Melis Boya