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Market Organisation and Trading Relationships

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Author Info
Weisbuch, Gerard
Kirman, Alan
Herreiner, Dorothea

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Abstract

In this paper we give a theoretical model of buyers' behaviour on a market for a perishable good where no prices are posted. We show that if buyers learn from their own previous experience there is a sharp division between those who learn to be loyal to certain sellers and those who continue to "shop around". This feature remains in more general models which are simulated and is consistent with empirical data from the Marseille fish market.

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Publisher Info
Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 110 (2000)
Issue (Month): 463 (April)
Pages: 411-36
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Handle: RePEc:ecj:econjl:v:110:y:2000:i:463:p:411-36

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  2. I V Evstigneev & M I Taksar, 2005. "Random Field Models of Microeconomic Dynamics," The School of Economics Discussion Paper Series 0516, Economics, The University of Manchester. [Downloadable!]
  3. Alan Kirman & Sheri Markose & Simone Giasante & Paolo Pin, 2007. "Marginal contribution, reciprocity and equity in segregated groups: Bounded rationality and self-organization in social networks," Economics Discussion Papers 629, University of Essex, Department of Economics. [Downloadable!]
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  4. Steffen Huck & Jean-Robert Tyran, 2004. "Reciprocity, Social Ties, and Competition in Markets for Experience Goods," Discussion Papers 04-12, University of Copenhagen. Department of Economics. [Downloadable!]
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  5. Cowan,Robin, 2004. "Network models of innovation and knowledge diffusion," Research Memoranda 016, Maastricht : MERIT, Maastricht Economic Research Institute on Innovation and Technology. [Downloadable!]
  6. Giorgio Fagiolo, 2005. "A Note on Equilibrium Selection in Polya-Urn Coordination Games," Economics Bulletin, Economics Bulletin, vol. 3(45), pages 1-14. [Downloadable!]
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  7. Windrum,Paul, 2004. "Neo-Schumpeterian Simulation Models," Research Memoranda 002, Maastricht : MERIT, Maastricht Economic Research Institute on Innovation and Technology. [Downloadable!]
  8. Ed Hopkins, 2004. "Adaptive Learning Models of Consumer Behaviour," ESE Discussion Papers 121, Edinburgh School of Economics, University of Edinburgh. [Downloadable!]
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  9. Giorgio Fagiolo & Marco Valente, 2005. "Minority Games, Local Interactions, and Endogenous Networks," Computational Economics, Springer, vol. 25(1), pages 41-57, February. [Downloadable!] (restricted)
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  10. G\'erard Weisbuch & Vincent Buskens & Luat Vuong, 2007. "Heterogeneity and Increasing Returns May Drive Socio-Economic Transitions," Quantitative Finance Papers 0706.1454, arXiv.org. [Downloadable!]
  11. Guido Fioretti, 2002. "Knowledge and Structure," Industrial Organization 0207011, EconWPA. [Downloadable!]
  12. Gorobets, A. & Nooteboom, B., 2004. "Agent based computational model of trust," Research Paper ERS-2004-108-ORG Revision, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus Uni. [Downloadable!]
  13. Yann Bramoullé & John A. List & Michael K. Price, 2007. "On the Formation of Buyer-Seller Relationships when Product Quality is Perfectly Observable," Cahiers de recherche 0740, CIRPEE. [Downloadable!]
  14. Francis Bloch (GREQAM and Universite de la Mediterranee), Garance Genicot (Georgetown University, and Debraj Ray (New York University and Instituto de Analisis Economico (CSIC)), . "Informal Insurance in Social Networks," Working Papers gueconwpa~04-04-16, Georgetown University, Department of Economics. [Downloadable!]
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  15. Andreas Pyka & Paul Windrum, 2003. "The Self-Organisation Of Strategic Alliances," Economics of Innovation and New Technology, Taylor and Francis Journals, vol. 12(3), pages 245-268, January. [Downloadable!] (restricted)
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