THE HAYEK HYPOTHESIS AND LONG-RUN COMPETITIVE EQUILIBRIUM: AN EXPERIMENTAL INVESTIGATION

• 成果类型: Article
• 署名作者: Shachat, Jason; Zhang, Zhenxuan
• 署名单位: Durham University; People's Bank of China
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1111/ecoj.12249
• 发表日期: 2017
• 页码: 199-228
• 关键词: normal-form games; Advance production; exchange; MARKETS; economies; BEHAVIOR; taxation; prices; input; TRADE

摘要

We report on an experiment investigating whether the Hayek hypothesis ( Smith, 1982) extends to the long-run setting. We consider two environments; one with a production technology having a U-shaped long-run average cost curve and a single competitive equilibrium, and another with a constant long-run average cost curve. We present alternative efficient production plans as a menu of fixed and marginal cost pairs. In both environments, we observe convergence to long-run competitive equilibrium prices and quantities typically within six long-run decision horizons.