Доклад Сандомирской Марины

На встрече рабочей группы 30 марта Сандомирская Марина  рассказала о своем совместном проекте с Русланом Шавшиным.

Тема доклада: Do prices disperse or converge in finite markets?

Аннотация: We motivate our study by the experimental paper (Cason and Noussair, IER, 2007), where the real prices in finite market simulated in experiment disperse, while the theory claims they must converge. To overcome this condradiction, we offer an alternative explanation by adding into model heterogeneous attitude to money. This corresponds to covering the common valuation with the interval on which buyers have distributed private valuations. We demonstrate that in the finite market model with private valuations two regimes can exist: (1) price dispersion, when the interval of buyer valuations isclose to the seller valuation, (2) price convergence, when alluncertainty is "far" from the seller value. We describe the features for both.