English, Article edition: WALRASIAN SEQUENTIAL EQUILIBRIUM, BOUNDED RATIONALITY, AND SOCIAL EXPERIMENTS XIAOKAI YANG; SHUNTIAN YAO

User activity

Share to:
 
Bookmark: http://trove.nla.gov.au/version/83493
Physical Description
  • article
Language
  • English

Edition details

Title
  • WALRASIAN SEQUENTIAL EQUILIBRIUM, BOUNDED RATIONALITY, AND SOCIAL EXPERIMENTS
Author
  • XIAOKAI YANG
  • SHUNTIAN YAO
Physical Description
  • article
Notes
  • In the paper, the concept of Walrasian sequential equilibrium is developed to formalize the notions of fundamental social and endogenous uncertainties and decentralized social learning. It predicts that social sequential experiments with efficient as well as inefficient network patterns of division of labour can gradually acquire organization information for society as a whole. The experiment process is decentralized and based on individuals' bounded rationality. In this process, each individual never knows the others' characteristics, although all players collectively learn abstract organization information conveyed by price signals gradually. This paper proves an existence theorem of equilibrium for a general class of well-closed Walrasian sequential equilibrium models and avoids the recursive paradox in the presence of individual bounded rationality.
  • Walrasian sequential equilibrium, division of labour, bounded rationality, social experiments
  • RePEc:wsi:dltcxx:v:01:y:2005:i:01:p:73-98
Language
  • English
Contributed by
OAIster

Get this edition

  • Set up My libraries

    How do I set up "My libraries"?

    In order to set up a list of libraries that you have access to, you must first login or sign up. Then set up a personal list of libraries from your profile page by clicking on your user name at the top right of any screen.

  • All (1)
  • Unknown (1)
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.

User activity


e.g. test cricket, Perth (WA), "Parkes, Henry"

Separate different tags with a comma. To include a comma in your tag, surround the tag with double quotes.

Be the first to add a tag for this edition

Be the first to add this to a list

Comments and reviews

What are comments? Add a comment

No user comments or reviews for this version

Add a comment