The Market: Catalyst for Rationality and Filter of Irrationality
The Market: Catalyst for Rationality and Filter of Irrationality
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市场：理性的催化剂和非理性的过滤器
DOI：
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发表时间：
2008
期刊：
影响因子：
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通讯作者：
Daniel L. Millimet
中科院分区：
文献类型：
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作者：
J. List;Daniel L. Millimet
摘要个体理性和偏好稳定性的假设为一种方便、易处理的建模方法提供了基础。虽然这两种假设都在不同的文献中受到审查，但这两条研究路线仍然脱节。本研究首先明确连接两个文献，同时提供市场经验是否减轻一个特定形式的个人rationalityconsistent偏好的见解。通过使用从800多个实验对象中收集的现场实验数据，我们发现市场是这种理性的催化剂。然后，本研究通过实证检验这种个人理性是否是市场效率的先决条件，来关注总体市场结果。使用一个补充的现场实验，我们收集了超过380名6-18岁的受试者在购物中心的多边讨价还价市场的数据。我们发现，我们所选择的市场制度是一个非理性的过滤器：即使市场上只有非理性的买家，总的市场结果收敛到供给和需求函数的交点。
Abstract Assumptions of individual rationality and preference stability provide the foundation for a convenient and tractable modeling approach. While both of these assumptions have come under scrutiny in distinct literatures, the two lines of research remain disjointed. This study begins by explicitly linking the two literatures while providing insights into whether market experience mitigates one specific form of individual rationalityconsistent preferences. Using field experimental data gathered from more than 800 experimental subjects, we find evidence that the market is a catalyst for this type of rationality. The study then focuses on aggregate market outcomes by examining empirically whether individual rationality of this sort is a prerequisite for market efficiency. Using a complementary field experiment, we gathered data from more than 380 subjects of age 6-18 in multi-lateral bargaining markets at a shopping mall. We find that our chosen market institution is a filter of irrationality: even when markets are populated solely by irrational buyers, aggregate market outcomes converge to the intersection of the supply and demand functions.