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It is known that there exists a multiplicity (indeterminacy) of stationary equilibria in search models with divisible money. This paper investigates whether some specific stationary equilibrium is selected through economic experiments. We observe that in some treatments there is a tendency to converge to the most efficient equilibrium. However, as a whole, there remains some degree of indeterminacy.
From:
Kazuya Kamiya
Kobe University
Hajime Kobayashi
Kansai University
Tatsuhiro Shichijo
Osaka Prefecture University
Takashi Shimizu
Kobe University
It is known that there exists a multiplicity (indeterminacy) of stationary equilibria in search models with divisible money. This paper investigates whether some specific stationary equilibrium is selected through economic experiments. We observe that in some treatments there is a tendency to converge to the most efficient equilibrium. However, as a whole, there remains some degree of indeterminacy.
From:
Kazuya Kamiya
Kobe University
Hajime Kobayashi
Kansai University
Tatsuhiro Shichijo
Osaka Prefecture University
Takashi Shimizu
Kobe University