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Credit cycles in theory and experiment

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Abstract

We test in the laboratory the potential of evolutionary dynamics as predictor of actual behavior. To this end, we propose an asymmetric game -which we interpret as a borrowerlender relation-, study its evolutionary dynamics in a random matching set-up, and tests its predictions. The model provides conditions for the existence of credit markets and credit cycles. The theoretical predictions seem to be good approximations of the experimental results.

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Bibliographic Info

Paper provided by Department of Economics and Business, Universitat Pompeu Fabra in its series Economics Working Papers with number 351.

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Date of creation: Jan 1999
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Handle: RePEc:upf:upfgen:351

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Web page: http://www.econ.upf.edu/

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Keywords: Cycles; evolutionary dynamics; games; experiments; Leex;

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