Market Power and the Hayek Hypothesis: An Experimental Investigation
學年 111
學期 2
出版(發表)日期 2023-02-16
作品名稱 Market Power and the Hayek Hypothesis: An Experimental Investigation
著者 Chie, Bin-tzong
出版者 Springer Nature
著錄名稱、卷期、頁數 Artificial Intelligence, Learning and Computation in Economics and Finance
摘要 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.
關鍵字 Hayek hypothesis;Market power;Double auction;Cognitive ability
語言 zh_TW
ISBN 9783031152931

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