CaltechAUTHORS
  A Caltech Library Service

Markets for contracts: experiments exploring the compatibility of games and markets for games

Plott, Charles R. and Williamson, Dean V. (2000) Markets for contracts: experiments exploring the compatibility of games and markets for games. Economic Theory, 16 (3). pp. 639-660. ISSN 0938-2259. http://resolver.caltech.edu/CaltechAUTHORS:20140224-140218171

Full text is not posted in this repository. Consult Related URLs below.

Use this Persistent URL to link to this item: http://resolver.caltech.edu/CaltechAUTHORS:20140224-140218171

Abstract

The research explores the relationship between games and the economic environment in which the games might be embedded. The focus is on a market institution in which agents buy and sell rights to participate in the follow-on stage of strategic interaction. The central question posed concerns how two different types of processes, the game and the market, interact. The market converges to a competitive equilibrium that is consistent with the Nash equilibrium that obtains in the game, and the convergence of the market to a competitive equilibrium lags the convergence of behaviors in the game to the Nash equilibrium.


Item Type:Article
Related URLs:
URLURL TypeDescription
http://link.springer.com/article/10.1007/PL00020946PublisherArticle
http://resolver.caltech.edu/CaltechAUTHORS:20171106-145234749Related ItemEarlier version published as Social Science Working Paper 1061
Additional Information:© 2000 Springer-Verlag. Received: April 19, 1999; revised version: 24 July, 1999. We thank Tim Cason and an anonymous referee for thoughtful comments and suggestions. We conducted the research with support from the National Science Foundation and the Laboratory for Experimental Economics and Political Science.
Funders:
Funding AgencyGrant Number
NSFUNSPECIFIED
Caltech Laboratory of Experimental Economics and Political ScienceUNSPECIFIED
Subject Keywords:compatibility of markets and games, simultaneous equilibration, dynamic adjustment processes, institutions
Classification Code:JEL: C72, C90
Record Number:CaltechAUTHORS:20140224-140218171
Persistent URL:http://resolver.caltech.edu/CaltechAUTHORS:20140224-140218171
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:43951
Collection:CaltechAUTHORS
Deposited By: Susan Vite
Deposited On:24 Feb 2014 22:19
Last Modified:07 Nov 2017 18:09

Repository Staff Only: item control page