Wednesday27Feb 2019

ESI Brown Bag Lecture

Sabiou Inoua - Market Experiments: A View From Classical Economics II

Wednesday, February 27, 2019 11:50am
2019-02-27 11:50 2019-02-27 12:50 America/Los_Angeles ESI Brown Bag Lecture WH 116 Wilkinson Hall 116 - ESI Classroom Dustin Tracy tracy@chapman.edu

Free to attend

WH 116

Wilkinson Hall 116 - ESI Classroom

Staff, Faculty, and Students

are invited to attend.

Abstract: Experimental markets exhibit regularities that are fundamentally unexpected and challenging from a neoclassical viewpoint: that a market of few haggling traders, endowed with only local and private information, could converge to an optimal equilibrium is indeed a surprising result, because the dominant theory assumes infinitely many price-taking traders endowed with perfect knowledge of market supply and demand. In this talk, we shall present a theory of the market mechanism rooted in classical economics that is a more natural framework for understanding the experimental findings, and we derive from this theory some insights on bubbles in durable or asset markets. 

 

You can contact the event organizer, Dustin Tracy at tracy@chapman.edu.

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