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Equilibrium Selection in Monetary Search Models: An Experimental Approach

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