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

Shu-Heng Chen, Jenn-Shyong Kuo and Chu-Chia Lin

Chapter 12 in Inflation, Institutions and Information, 1996, pp 290-318 from Palgrave Macmillan

Abstract: 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)

Keywords: Rational Expectation; Weak Learning; Neoclassical Economic; Experimental Market; Efficiency Loss (search for similar items in EconPapers)
Date: 1996
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DOI: 10.1007/978-1-349-13521-9_12

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