Abstract
The paper presents a comparative analysis of the peculiar institutions of two retail markets: the middle-eastern Bazaar and the western Mall. We study the informational functions of the different markets using an Agent Based Computational Economics model under the assumption of behavioral learning by agents. Agents behave within the specific market to carry out their economic transactions, but institutions, as mechanisms to coordinate information, are expected to affect the price dynamics. The main research question concerns whether the presumed economic underperformance of Bazaar respect to more competitive markets holds true or it is necessary a reassessment on it.
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Bertacchini, E.E., Lamieri, M. (2007). What if Hayek Goes Shopping in the Bazaar?. In: Takahashi, S., Sallach, D., Rouchier, J. (eds) Advancing Social Simulation: The First World Congress. Springer, Tokyo. https://doi.org/10.1007/978-4-431-73167-2_14
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DOI: https://doi.org/10.1007/978-4-431-73167-2_14
Publisher Name: Springer, Tokyo
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