Local coordination under bounded rationality: Coase meets Simon, finds Hayek
This paper explores strategic behavior in a network of firms using an agent-based model. The model exhibits a tension between economic efficiency and the stability of the network in the face of incentives to change its configuration. This tension is to be expected because the conditions of the Coase...
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| Format: | text |
| Language: | English |
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Institutional Knowledge at Singapore Management University
2010
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| Online Access: | https://ink.library.smu.edu.sg/sis_research/7046 https://ink.library.smu.edu.sg/context/sis_research/article/8049/viewcontent/Local_Coordination_under_Bounded_Rationality__Coase_Meets_Simon.pdf |
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| Institution: | Singapore Management University |
| Language: | English |