Equilibrium Selection in Monetary Search Models: An Experimental Approach

Kazuya Kamiya, Hajime Kobayashi, Tatsuhiro Shichijo and Takashi Shimizu
Additional contact information
Hajime Kobayashi: Kansai University, Japan
Tatsuhiro Shichijo: Osaka Prefecture University, Japan

No DP2017-03, Discussion Paper Series from Research Institute for Economics & Business Administration, Kobe University

Abstract: It is known that there exists a multiplicity (indeterminacy) of stationary equilibria in search models with divisible money. This paper investigate whether some specific stationary equilibrium is selected through economic experiments. We observe that in some treatments there is a tendency to converge to the most efficient equilibrium. However, as a whole, there remains some degree of indeterminacy.

Keywords: Real indeterminacy; Random matching; Money; Experiment; Equilibrium selection (search for similar items in EconPapers)
JEL-codes: C91 C92 D51 D83 E40 (search for similar items in EconPapers)
Pages: 30 pages
Date: 2017-03
New Economics Papers: this item is included in nep-dge and nep-exp
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.rieb.kobe-u.ac.jp/academic/ra/dp/English/DP2017-03.pdf First version, 2017 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:kob:dpaper:dp2017-03

Access Statistics for this paper

More papers in Discussion Paper Series from Research Institute for Economics & Business Administration, Kobe University 2-1 Rokkodai, Nada, Kobe 657-8501 JAPAN. Contact information at EDIRC.
Bibliographic data for series maintained by Office of Promoting Research Collaboration, Research Institute for Economics & Business Administration, Kobe University ().