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https://doi.org/10.1016/j.econlet.2017.02.008
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Cite Journal: Economics Letters |  Publication Date: Feb 4, 2017 |
 Citations: 1 |
Affiliation: University of Cologne, Université Libre de Bruxelles
We consider a dynamic, stochastic model of trading-institution selection with boundedly-rational traders where sellers produce with constant unit costs. Traders will in general fail to coordinate exclusively on market-clearing institutions. Rather, any institution biasing the price upwards is stochastically stable.
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