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From the Hayek Hypothesis to Animal Spirits: The Phase Transition Based on Competitive Experimental Market

In: Inflation, Institutions and Information

Author

Listed:
  • Shu-Heng Chen
  • Jenn-Shyong Kuo
  • Chu-Chia Lin

Abstract

We might start, then by asking how believable simple people cope with incredibly complex situations. If we knew a bit about that, we could then go on to study the conditions under which market interaction will and will not configure the complex system into one that is incredibly smart. (Leijonhufvud (1993), p. 2)

Suggested Citation

  • Shu-Heng Chen & Jenn-Shyong Kuo & Chu-Chia Lin, 1996. "From the Hayek Hypothesis to Animal Spirits: The Phase Transition Based on Competitive Experimental Market," Palgrave Macmillan Books, in: Daniel Vaz & Kumaraswamy Velupillai (ed.), Inflation, Institutions and Information, chapter 12, pages 290-318, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-13521-9_12
    DOI: 10.1007/978-1-349-13521-9_12
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    Cited by:

    1. Shu-Heng Chen & Chung-Ching Tai, 2003. "Trading Restrictions, Price Dynamics And Allocative Efficiency In Double Auction Markets: Analysis Based On Agent-Based Modeling And Simulations," Advances in Complex Systems (ACS), World Scientific Publishing Co. Pte. Ltd., vol. 6(03), pages 283-302.

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