Fairness, price stickiness, and history dependence in decentralized trade

Korth, Christian; Napel, Stefan

[journal article]

dc.contributor.author	Korth, Christian	de
dc.contributor.author	Napel, Stefan	de
dc.date.accessioned	2012-03-26T02:54:00Z	de
dc.date.accessioned	2012-08-30T06:52:57Z
dc.date.available	2012-08-30T06:52:57Z
dc.date.issued	2009	de
dc.identifier.uri	http://www.ssoar.info/ssoar/handle/document/29037
dc.description.abstract	"The paper investigates price formation in a decentralized market with random matching. Agents are assumed to have subdued social preferences: buyers, for example, prefer a lower price to a higher one but experience reduced utility increases below a reference price that serves as a common fairness benchmark. The strategic equilibrium reflects market fundamentals, but it is markedly less sensitive to the buyer-seller ratio near the fair price benchmark. Prices may be sticky around very different reference levels in markets with otherwise identical fundamentals. The implied history dependence turns out to be mitigated rather than exacerbated by friction." [auhtor's abstract]	en
dc.language	en	de
dc.subject.ddc	Wirtschaft	de
dc.subject.ddc	Sozialwissenschaften, Soziologie	de
dc.subject.ddc	Social sciences, sociology, anthropology	en
dc.subject.ddc	Economics	en
dc.subject.other	Random matching; Price stickiness; Social preferences; History dependence; Reference dependence
dc.title	Fairness, price stickiness, and history dependence in decentralized trade	en
dc.description.review	begutachtet (peer reviewed)	de
dc.description.review	peer reviewed	en
dc.source.journal	Journal of Economic Behavior & Organization	de
dc.source.volume	71	de
dc.source.issue	2	de
dc.subject.classoz	Erhebungstechniken und Analysetechniken der Sozialwissenschaften	de
dc.subject.classoz	National Economy	en
dc.subject.classoz	Methods and Techniques of Data Collection and Data Analysis, Statistical Methods, Computer Methods	en
dc.subject.classoz	Volkswirtschaftstheorie	de
dc.identifier.urn	urn:nbn:de:0168-ssoar-290371	de
dc.date.modified	2012-03-26T09:08:00Z	de
dc.rights.licence	PEER Licence Agreement (applicable only to documents from PEER project)	de
dc.rights.licence	PEER Licence Agreement (applicable only to documents from PEER project)	en
ssoar.gesis.collection	SOLIS;ADIS	de
ssoar.contributor.institution	http://www.peerproject.eu/	de
internal.status	3	de
dc.type.stock	article	de
dc.type.document	journal article	en
dc.type.document	Zeitschriftenartikel	de
dc.rights.copyright	f	de
dc.source.pageinfo	502-514
internal.identifier.classoz	1090301
internal.identifier.classoz	10105
internal.identifier.journal	196	de
internal.identifier.document	32
internal.identifier.ddc	300
internal.identifier.ddc	330
dc.identifier.doi	https://doi.org/10.1016/j.jebo.2009.03.010	de
dc.description.pubstatus	Postprint	en
dc.description.pubstatus	Postprint	de
internal.identifier.licence	7
internal.identifier.pubstatus	2
internal.identifier.review	1
internal.check.abstractlanguageharmonizer	CERTAIN
internal.check.languageharmonizer	CERTAIN_RETAINED

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Erhebungstechniken und Analysetechniken der Sozialwissenschaften
Methods and Techniques of Data Collection and Data Analysis, Statistical Methods, Computer Methods
Volkswirtschaftstheorie
Economic Theory

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