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Congestion Models With Consistent Conjectures

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Author Info
Holloway, Garth J.
Abstract

This paper demonstrates that, in situations in which a cumulative externality exists, the basic nature and extent of resource misallocation may be substantially less than we imagine. This conclusion stems from deriving consistent conjectures in a unified framework in which congestion is present. Experiments support the conclusion that, when numbers of agents are small, when there is little heterogeneity among them, and when they have the opportunity to observe each other during repeated experiment, the market allocation may be efficient.

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Article provided by Australian Agricultural and Resource Economics Society in its journal Australian Journal of Agricultural Economics.

Volume (Year): 40 (1996)
Issue (Month): 03 (December)
Pages:
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Handle: RePEc:ags:ajaeau:22372

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Keywords: Research Methods/ Statistical Methods;

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  1. Scafuri, Allen J., 1988. "On consistency of conjectures in the private provision of public goods," Journal of Public Economics, Elsevier, vol. 37(3), pages 395-398, December. [Downloadable!] (restricted)
  2. Brown, Gardner, Jr, 1974. "An Optimal Program for Managing Common Property Resources with Congestion Externalities," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 163-73, Jan.-Feb.. [Downloadable!] (restricted)
  3. Shaw, Daigee & Shaw, Rong-Dean, 1991. "The resistibility and shiftability of depletable externalities," Journal of Environmental Economics and Management, Elsevier, vol. 20(3), pages 224-233, May. [Downloadable!] (restricted)
  4. MacAulay, T.G., 1995. "Games, Clubs And Models: The Economics Of An Agricultural Economics Society," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 39(01), April. [Downloadable!]
  5. Segerson, Kathleen, 1988. "Uncertainty and incentives for nonpoint pollution control," Journal of Environmental Economics and Management, Elsevier, vol. 15(1), pages 87-98, March. [Downloadable!] (restricted)
  6. Haveman, Robert H, 1973. "Common Property, Congestion, and Environmental Pollution," The Quarterly Journal of Economics, MIT Press, vol. 87(2), pages 278-87, May. [Downloadable!] (restricted)
  7. Bresnahan, Timothy F, 1981. "Duopoly Models with Consistent Conjectures," American Economic Review, American Economic Association, vol. 71(5), pages 934-45, December. [Downloadable!] (restricted)
  8. Martin K. Perry, 1982. "Oligopoly and Consistent Conjectural Variations," Bell Journal of Economics, The RAND Corporation, vol. 13(1), pages 197-205, Spring. [Downloadable!] (restricted)
  9. Sugden, Robert, 1985. "Consistent conjectures and voluntary contributions to public goods: why the conventional theory does not work," Journal of Public Economics, Elsevier, vol. 27(1), pages 117-124, June. [Downloadable!] (restricted)
  10. Appelbaum, Elie, 1982. "The estimation of the degree of oligopoly power," Journal of Econometrics, Elsevier, vol. 19(2-3), pages 287-299, August. [Downloadable!] (restricted)
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