Attainment of equilibrium via Marshallian path adjustment: Queueing and buyer determinism

B-Tier
Journal: Games and Economic Behavior
Year: 2021
Volume: 125
Issue: C
Pages: 94-106

Authors (4)

Collins, Sean M. (not in RePEc) James, Duncan (not in RePEc) Servátka, Maroš (Macquarie University) Vadovič, Radovan (not in RePEc)

Score contribution per author:

0.503 = (α=2.01 / 4 authors) × 1.0x B-tier

α: calibrated so average coauthorship-adjusted count equals average raw count

Abstract

We examine equilibration in a market where Marshallian path adjustment can be enforced, or not, as a treatment: a posted offer market either with buyer queueing via value order, or random order, respectively. We derive equilibrium predictions, and run experiments crossing queueing rules with either human or deterministically optimizing robot buyers under both locally stationary and non-stationary marginal cost. Results on rate of convergence to competitive equilibrium are obtained, and Marshallian path adjustment is established as conducive to attaining competitive equilibrium.

Technical Details

RePEc Handle
repec:eee:gamebe:v:125:y:2021:i:c:p:94-106
Journal Field
Theory
Author Count
4
Added to Database
2026-01-29