Wettbewerb als Entdeckungsverfahren
AbstractThe 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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Bibliographic InfoPaper 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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market institution; information structure; efficiency ;
Other versions of this item:
- D4 - Microeconomics - - Market Structure and Pricing
- L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
- C9 - Mathematical and Quantitative Methods - - Design of Experiments
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- Heblich, Stephan, 2007. "Eigenverantwortliche Individuen und Pro-Aktive Unternehmen," Passauer Diskussionspapiere, Volkswirtschaftliche Reihe V-48-07, University of Passau, Faculty of Business and Economics.
- Dieter Schmidtchen, .
"Wettbewerbsfreiheit, Per se Verbote und die Rule of Reason – Anmerkungen zum institutionenökonomisch-evolutionären Wettbewerbsleitbild
Freedom to compete, per se rules and the rule of reason ," German Working Papers in Law and Economics 2006-1-1159, Berkeley Electronic Press.
- Schmidtchen, Dieter, 2006. "Wettbewerbsfreiheit, Per se Verbote und die Rule of Reason: Anmerkungen zum institutionenökonomisch-evolutionären Wettbewerbsleitbild," CSLE Discussion Paper Series 2006-04, Saarland University, CSLE - Center for the Study of Law and Economics.
- Schmidtchen, Dieter, 2004. "Recht, Eigentum und Effizienz: Zu F. A. v. Hayeks Verfassung der Freiheit," CSLE Discussion Paper Series 2004-07, Saarland University, CSLE - Center for the Study of Law and Economics.
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