Congestion Models With Consistent Conjectures
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.
Volume (Year): 40 (1996)
Issue (Month): 03 (December)
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- 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.
- Appelbaum, Elie, 1982. "The estimation of the degree of oligopoly power," Journal of Econometrics, Elsevier, vol. 19(2-3), pages 287-299, August.
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