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dc.contributor.authorKumagai, Yukien_US
dc.date.accessioned2010-08-03en_US
dc.date.accessioned2011-09-26T13:24:16Z-
dc.date.available2011-09-26T13:24:16Z-
dc.date.issued2010en_US
dc.identifier.urihttp://hdl.handle.net/10419/49683-
dc.description.abstractThe purpose of this paper is to explore strategic incentives to use trade networks rather than markets and shed light on the dynamic relation between the two distinct trading systems: a formal system of markets and a issues in the infinitely repeated multi-player prisoner's dilemma gamedecentralised system of networks. We investigate the with random matching. The existing literature emphasises the importance of information transmission in sustaining long-run cooperation in repeated personal transactions under perfect observability. By contrast, we show that a folk theorem may hold if we change the way traders are matched, without introducing any information sharing. We also examine different stages of the evolution of trading system. The study states conditions under which agents prefer to trade on networks rather than in markets.en_US
dc.language.isoengen_US
dc.publisherCEDEX Nottinghamen_US
dc.relation.ispartofseriesCeDEx discussion paper series 2010-07en_US
dc.subject.jelF10en_US
dc.subject.jelC73en_US
dc.subject.jelD02en_US
dc.subject.ddc330en_US
dc.subject.keywordrepeated tradeen_US
dc.subject.keywordmoral hazarden_US
dc.subject.keywordmatchingen_US
dc.subject.keywordtransaction costsen_US
dc.subject.keywordnetworksen_US
dc.subject.keywordinstitutionsen_US
dc.subject.stwNetzwerken_US
dc.subject.stwHandelen_US
dc.subject.stwMatchingen_US
dc.subject.stwTransaktionskostenen_US
dc.subject.stwRisikoen_US
dc.subject.stwSpieltheorieen_US
dc.titleNetworks and markets: The dynamic impacts of information, matching and transaction costs on tradeen_US
dc.typeWorking Paperen_US
dc.identifier.ppn63221175Xen_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:CeDEx Discussion Paper Series, The University of Nottingham

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