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Partial equilibrium mechanism and inter-sectoral coordination: An experiment
Journal of Economic Behavior & Organization ( IF 2.000 ) Pub Date : 2021-08-19 , DOI: 10.1016/j.jebo.2021.07.038
Nobuyuki Hanaki 1 , Takashi Hayashi 2 , Michele Lombardi 2 , Kazuhito Ogawa 3
Affiliation  

This study experimentally evaluates the performance of partial equilibrium mechanisms when different sectors run their mechanisms separately, despite the existence of complementarity between them. In our simple laboratory experiment setting that includes two sectors, each sector runs the top-trading-cycle mechanism. There is a Pareto-dominant equilibrium, but it requires coordination across sectors. Our results show that coordination failure occurs more frequently when there is asymmetry between the two sectors compared with the one-sector benchmark, even without inter-sectoral complementarity. When mechanisms are run sequentially across the two sectors, such failure is substantially reduced, compared with when they are run simultaneously.



中文翻译:

部分均衡机制与部门间协调:一个实验

本研究通过实验评估了不同部门分别运行其机制时部分均衡机制的性能,尽管它们之间存在互补性。在我们包括两个部门的简单实验室实验设置中,每个部门都运行顶级交易周期机制。存在帕累托主导的均衡,但它需要跨部门协调。我们的研究结果表明,与单一部门基准相比,当两个部门之间存在不对称时,即使没有部门间互补性,协调失败也会更频繁地发生。当机制在两个扇区中顺序运行时,与同时运行时相比,这种故障会大大减少。

更新日期:2021-08-19
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