EXPERIMENTS AS A TOOL OF VERIFYING EFFICIENCY OF IMPLICITLY AGREED-UPON MARKET ORGANIZATIONS
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| Format: | Artículo científico |
| Sprache: | en |
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Vilniaus Universitetas
2008
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| _version_ | 1876426764397314048 |
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| author | Rafal M. Jakubowski |
| author_facet | Rafal M. Jakubowski |
| contents | EXPERIMENTS AS A TOOL OF VERIFYING EFFICIENCY OF IMPLICITLY AGREED-UPON MARKET ORGANIZATIONS Rafal M. Jakubowski Pawel Kusmierczyk Economía y Finanzas NIE efficiency market organization experimental economics New Institutional Economics We analyse the possibility of an experimental study of the efficiency of market institutional structures. In the paper "On the new institutionalism of markets: the market as an organization" by R. Richter, the implicitly agreed upon market organization is regarded as a Nash equilibrium of a game between potential market participants. The solution of such coordination problem is not necessarily Paretoefficient but could be efficient given assumptions of New Institutional Economics (i.e. could be NIEefficient). This framework can be very helpful as a descriptive tool used to explain the persistence or transition of market institutions, but in can be difficult to be verified empirically. Economic experiments have been successfully applied to analyse market institutions and to compare their efficiency. In the paper, we demonstrate how this methodology could be used to analyse the "spontaneous" market organizations reached as a tacit agreement in a coordination problem. We also advocate that economic experiments can be a very useful tool to verify the efficiency of such institutions. 2008 artículo científico 2424-6166 https://www.redalyc.org/articulo.oa?id=692273762005 en http://www.redalyc.org/revista.oa?id=6922 Ekonomika application/pdf Vilniaus Universitetas Ekonomika (Lituania) Vol.83 |
| format | Artículo científico |
| id | redalyc_692273762005 |
| institution | Redalyc |
| language | en |
| publishDate | 2008 |
| publisher | Vilniaus Universitetas |
| spellingShingle | EXPERIMENTS AS A TOOL OF VERIFYING EFFICIENCY OF IMPLICITLY AGREED-UPON MARKET ORGANIZATIONS Rafal M. Jakubowski Economía y Finanzas NIE efficiency market organization experimental economics New Institutional Economics EXPERIMENTS AS A TOOL OF VERIFYING EFFICIENCY OF IMPLICITLY AGREED-UPON MARKET ORGANIZATIONS Rafal M. Jakubowski Pawel Kusmierczyk Economía y Finanzas NIE efficiency market organization experimental economics New Institutional Economics We analyse the possibility of an experimental study of the efficiency of market institutional structures. In the paper "On the new institutionalism of markets: the market as an organization" by R. Richter, the implicitly agreed upon market organization is regarded as a Nash equilibrium of a game between potential market participants. The solution of such coordination problem is not necessarily Paretoefficient but could be efficient given assumptions of New Institutional Economics (i.e. could be NIEefficient). This framework can be very helpful as a descriptive tool used to explain the persistence or transition of market institutions, but in can be difficult to be verified empirically. Economic experiments have been successfully applied to analyse market institutions and to compare their efficiency. In the paper, we demonstrate how this methodology could be used to analyse the "spontaneous" market organizations reached as a tacit agreement in a coordination problem. We also advocate that economic experiments can be a very useful tool to verify the efficiency of such institutions. 2008 artículo científico 2424-6166 https://www.redalyc.org/articulo.oa?id=692273762005 en http://www.redalyc.org/revista.oa?id=6922 Ekonomika application/pdf Vilniaus Universitetas Ekonomika (Lituania) Vol.83 |
| title | EXPERIMENTS AS A TOOL OF VERIFYING EFFICIENCY OF IMPLICITLY AGREED-UPON MARKET ORGANIZATIONS |
| topic | Economía y Finanzas NIE efficiency market organization experimental economics New Institutional Economics |
| url | https://www.redalyc.org/articulo.oa?id=692273762005 |