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History's Role in Coordinating Decentralized Allocation Decisions

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  • Meyer, Donald J, et al
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    Abstract

    What causes individual suppliers to allocate goods in such a way that the aggregate allocation satisfies the law of one price? A satisfactory answer to this question must confront two related problems: equal net prices at all allocations provide no information to suppliers about the quantity to deliver to a specific location and strategic uncertainty makes an observed violation of the law of one price an unreliable indicator of a profit opportunity. This paper develops a simple analytical framework to formalize these two problems, reviews some solutions found in the literature, and reports laboratory evidence on how people solve them. Copyright 1992 by University of Chicago Press.

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    Bibliographic Info

    Article provided by University of Chicago Press in its journal Journal of Political Economy.

    Volume (Year): 100 (1992)
    Issue (Month): 2 (April)
    Pages: 292-316

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    Handle: RePEc:ucp:jpolec:v:100:y:1992:i:2:p:292-316

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    Web page: http://www.journals.uchicago.edu/JPE/

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    Cited by:
    1. Giovanna Devetag & Francesca Pancotto & Thomas Brenner, 2011. "The Minority Game Unpacked: Coordination and Competition in a Team-based Experiment," CEEL Working Papers 1102, Cognitive and Experimental Economics Laboratory, Department of Economics, University of Trento, Italia.
    2. Karen Eggleston & Robert Jensen & Richard Zeckhauser, 2002. "Information and Communication Technologies, Markets and Economic Development," Discussion Papers Series, Department of Economics, Tufts University 0203, Department of Economics, Tufts University.
    3. Hans van Ees & Harry Garretsen, 1992. "On the Contribution of New Keynesian Economics," Eastern Economic Journal, Eastern Economic Association, vol. 18(4), pages 465-477, Fall.
    4. Willemien Kets, 2007. "The minority game: An economics perspective," Papers 0706.4432, arXiv.org.
    5. Andersson, Ola & Holm, Håkan J., 2010. "Endogenous communication and tacit coordination in market entry games: An explorative experimental study," International Journal of Industrial Organization, Elsevier, vol. 28(5), pages 477-495, September.
    6. Kets, W. & Voorneveld, M., 2007. "Congestion, Equilibrium and Learning: The Minority Game," Discussion Paper 2007-61, Tilburg University, Center for Economic Research.
    7. Ivanova-Stenzel, Radosveta & Salmon, Timothy C., 2006. "Revenue Equivalence Revisited," Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems 175, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
    8. Giovanna Devetag, 2000. "Transfer, Focality and Coordination: Some Experimental Results," LEM Papers Series 2000/02, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.

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