淡江大學產業經濟學系

年度111

等級

書名Market Power and the Hayek Hypothesis: An Experimental Investigation

部分章節The inconsistency in the literature regarding price behavior in markets with market power suggested that traders are heterogeneous in their ability to discover and exercise their influences on market price. To examine whether inequality in subjects’ market performance can be attributed to the heterogeneity of their cognitive capacity, we adopt a single-subject experimental design and inspect whether subjects can discover and exercise their market power by withholding part of their units. We use the Cognitive Reflection Test to gauge subjects’ cognitive ability and investigate whether subjects with higher cognitive abilities will be better at exercising their market power to influence the price to gain extra profits. We observe heterogenous price behavior. However, there is no evidence that higher CRT scores were associated with better price convergence to the competitive equilibrium. Further, the revelation of information only altered some subjects’ behavior.

出版社Springer Nature

全部作者Chie, Bin-tzong

出版日期2023-02-16

ISSN(ISBN)9783031152931

所屬計畫案Market Power and the Hayek Hypothesis: An Experimental Investigation

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