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dc.contributor.authorKumagai, Yukien
dc.date.accessioned2010-08-03-
dc.date.accessioned2011-09-26T13:24:16Z-
dc.date.available2011-09-26T13:24:16Z-
dc.date.issued2010-
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
dc.language.isoengen
dc.publisher|aThe University of Nottingham, Centre for Decision Research and Experimental Economics (CeDEx) |cNottinghamen
dc.relation.ispartofseries|aCeDEx Discussion Paper Series |x2010-07en
dc.subject.jelF10en
dc.subject.jelC73en
dc.subject.jelD02en
dc.subject.ddc330en
dc.subject.keywordrepeated tradeen
dc.subject.keywordmoral hazarden
dc.subject.keywordmatchingen
dc.subject.keywordtransaction costsen
dc.subject.keywordnetworksen
dc.subject.keywordinstitutionsen
dc.subject.stwNetzwerken
dc.subject.stwHandelen
dc.subject.stwMatchingen
dc.subject.stwTransaktionskostenen
dc.subject.stwRisikoen
dc.subject.stwSpieltheorieen
dc.titleNetworks and markets: The dynamic impacts of information, matching and transaction costs on trade-
dc.typeWorking Paperen
dc.identifier.ppn63221175Xen
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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