Art
bepress.com
Home
My Account
All Journals
Contact Bepress
About Bepress
Subscriptions
Services
Reviews


Search All Publications
Find

Or search all bepress web pages: Search

We welcome your feedback. Please email your suggestions and ideas to us.
German Working Papers in Law and Economics
cover current_volume all_volumes submit_article

bealert

Volume 2001

AUTHOR:
Dieter Schmidtchen and Roland Kirstein

TITLE:
Wettbewerb als Entdeckungsverfahren

SUGGESTED CITATION:
Dieter Schmidtchen and Roland Kirstein (2001) "Wettbewerb als Entdeckungsverfahren ", German Working Papers in Law and Economics: Vol. 2001: Article 10.
http://www.bepress.com/gwp/default/vol2001/iss1/art10


View the article (200 KB)
Notify a colleague about this paper
Get Acrobat Reader
Printing Tip: Select the option to 'print as image' in the Acrobat print dialog to ensure the article prints as it appears on screen.
Learn more...

ABSTRACT:

The theory of competition as a discovery procedure argues that the results of this procedure cannot be predicted because of its very nature as a discovery procedure. If this were true, this would imply the impossibility of testing whether competition actually works as predicted. This article rejects this view. We argue that outcomes of the discovery procedure can be predicted if a pattern rather than its specific realization is the subject of the prediction. We de-scribe a double oral auction as a classroom experiment. and show that competition is likely to discover the market equilibrium as well as the wealth maximizing number of transactions.




| HOME | MY ACCOUNT | TERMS OF SERVICE | COPYRIGHT | PRIVACY |
Copyright ©1999-2014 Berkeley Electronic Press™ All rights reserved.