An experimental study of serial and average cost pricing mechanisms

• 成果类型: Article
• 署名作者: Chen, Y
• 署名单位: University of Michigan System; University of Michigan
• 刊物名称: JOURNAL OF PUBLIC ECONOMICS
• ISSN/ISSBN: 0047-2727
• DOI: 10.1016/S0047-2727(02)00017-8
• 发表日期: 2003
• 页码: 2305-2335
• 关键词: serial mechanism; asynchrony; experiment

摘要

This paper reports the first experimental study of the serial and the average cost pricing mechanisms under five different treatments: a complete information treatment and four treatments designed to simulate distributed systems with extremely limited information, synchronous and asynchronous moves. Although the proportion of Nash equilibrium play under both mechanisms is statistically indistinguishable under complete information, the serial mechanism performs robustly better than the average cost pricing mechanism in distributed systems, both in terms of the proportion of equilibrium play and system efficiency. (C) 2003 Elsevier B.V. All rights reserved.