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dc.contributor.authorGraf Lambsdorff, Johannen
dc.contributor.authorSchubert, Manuelen
dc.contributor.authorGiamattei, Marcusen
dc.date.accessioned2012-01-27-
dc.date.accessioned2012-02-03T15:36:24Z-
dc.date.available2012-02-03T15:36:24Z-
dc.date.issued2011-
dc.identifier.urihttp://hdl.handle.net/10419/55002-
dc.description.abstractWe carry out an experiment on a macroeconomic price setting game where prices are complements. Despite relevant information being common knowledge and price flexibility we observe significant deviation from equilibrium prices and history dependence. In a first treatment we observe that equilibrium values were obtained in the long run but at the cost of a very slow adjustment and thus history dependence. By reporting a business indicator in a simpler form, subjects were given the chance to coordinate their prices by help of a heuristic in a second treatment. This option was widely taken, bringing about excess volatility and a deviation from equilibrium even in the long run. In a third treatment with staggered pricing we observe, contrary to theoretical predictions, the one-round ahead (publicly known) shock is significant, but future inflation is not. Our findings cast light on price dynamics when subjects have limited computational capacities.en
dc.language.isoengen
dc.publisher|aUniversität Passau, Wirtschaftswissenschaftliche Fakultät |cPassauen
dc.relation.ispartofseries|aPassauer Diskussionspapiere - Volkswirtschaftliche Reihe |xV-63-11en
dc.subject.jelE31en
dc.subject.jelC92en
dc.subject.ddc330en
dc.subject.keywordInflation Persistenceen
dc.subject.keywordStaggered Pricesen
dc.subject.keywordSticky Reasoningen
dc.subject.keywordNew Keynesian Phillips Curveen
dc.titleOn the role of heuristics: Experimental evidence on inflation dynamics-
dc.typeWorking Paperen
dc.identifier.ppn684346729en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:upadvr:V6311en

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