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Congestion Models With Consistent Conjectures

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  • Holloway, Garth J.

Abstract

This paper demonstrates that, in situations in which a cumulative externality exists, the basic nature and extent of resource misallocation may be substantially less than we imagine. This conclusion stems from deriving consistent conjectures in a unified framework in which congestion is present. Experiments support the conclusion that, when numbers of agents are small, when there is little heterogeneity among them, and when they have the opportunity to observe each other during repeated experiment, the market allocation may be efficient.

Suggested Citation

  • Holloway, Garth J., 1996. "Congestion Models With Consistent Conjectures," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 40(03), December.
  • Handle: RePEc:ags:ajaeau:22372
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    File URL: http://purl.umn.edu/22372
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    References listed on IDEAS

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    1. Scafuri, Allen J., 1988. "On consistency of conjectures in the private provision of public goods," Journal of Public Economics, Elsevier, vol. 37(3), pages 395-398, December.
    2. MacAulay, T. Gordon, 1995. "Games, Clubs and Models: The Economics of Agricultural Economics," 1995 Conference (39th), February 14-16, 1995, Perth, Australia 148779, Australian Agricultural and Resource Economics Society.
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    5. Bresnahan, Timothy F, 1981. "Duopoly Models with Consistent Conjectures," American Economic Review, American Economic Association, vol. 71(5), pages 934-945, December.
    6. Martin K. Perry, 1982. "Oligopoly and Consistent Conjectural Variations," Bell Journal of Economics, The RAND Corporation, vol. 13(1), pages 197-205, Spring.
    7. Sugden, Robert, 1985. "Consistent conjectures and voluntary contributions to public goods: why the conventional theory does not work," Journal of Public Economics, Elsevier, vol. 27(1), pages 117-124, June.
    8. Robert H. Haveman, 1973. "Common Property, Congestion, and Environmental Pollution," The Quarterly Journal of Economics, Oxford University Press, vol. 87(2), pages 278-287.
    9. Holloway, Garth J., 1995. "Conjectural Variations With Fewer Apologies," Working Papers 225880, University of California, Davis, Department of Agricultural and Resource Economics.
    10. Brown, Gardner, Jr, 1974. "An Optimal Program for Managing Common Property Resources with Congestion Externalities," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 163-173, Jan.-Feb..
    11. MacAulay, T. Gordon, 1995. "Games, Clubs And Models: The Economics Of An Agricultural Economics Society," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 39(01), April.
    12. Appelbaum, Elie, 1982. "The estimation of the degree of oligopoly power," Journal of Econometrics, Elsevier, vol. 19(2-3), pages 287-299, August.
    13. T. Gordon MacAulay, 1995. "Games, Clubs And Models: The Economics Of An Agricultural Economics Society," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 39(1), pages 1-23, April.
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