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.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Berkeley Electronic Press in its series German Working Papers in Law and Economics with number 2001-default/2001/1-1016.
Date of creation:
Date of revision:
Contact details of provider:
Web page: http://www.bepress.com/gwp/default/
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
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- 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.
- Heblich, Stephan, 2007. "Eigenverantwortliche Individuen und Pro-Aktive Unternehmen," Passauer Diskussionspapiere, Volkswirtschaftliche Reihe V-48-07, University of Passau, Faculty of Business and Economics.
- 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.
- 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.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Christopher F. Baum).
If references are entirely missing, you can add them using this form.