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Wettbewerb als Entdeckungsverfahren

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Author Info
Dieter Schmidtchen (Uni-Saarland)
Roland Kirstein (University of Saarland)

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Abstract

The theory of competition as a discovery procedure argues that the results of this procedure cannot be predicted because of its very nature as a discovery procedure. If this were true, this would imply the impossibility of testing whether competition actually works as predicted. This article rejects this view. We argue that outcomes of the discovery procedure can be predicted if a pattern rather than its specific realization is the subject of the prediction. We de-scribe a double oral auction as a classroom experiment. and show that competition is likely to discover the market equilibrium as well as the wealth maximizing number of transactions.

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Paper provided by Berkeley Electronic Press in its series German Working Papers in Law and Economics with number 2001-default/2001/1-1016.

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Handle: RePEc:bep:dewple:2001-default/2001/1-1016

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Web page: http://www.bepress.com/gwp/default/

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Related research
Keywords: market institution; information structure; efficiency ;

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  1. repec:bep:dewple:2004-1-1111 is not listed on IDEAS
  2. Dieter Schmidtchen, . "Wettbewerbsfreiheit, Per se Verbote und die Rule of Reason – Anmerkungen zum institutionenökonomisch-evolutionären Wettbewerbsleitbild <br> Freedom to compete, per se rules and the rule of r," German Working Papers in Law and Economics 2006-1-1159, Berkeley Electronic Press. [Downloadable!]
  3. repec:bep:dewple:2006-1-1165 is not listed on IDEAS
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This page was last updated on 2009-11-28.

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