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Only Paul Could Go To Changchun

Equilibrium Selection in Monetary Search Models: an Experimental Approach

3/18/2017

 
Here.

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



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