The Hayek hypothesis and long run competitive equilibrium: an experimental investigation
(2015)
Journal Article
Shachat, J., & Zhang, Z. (2017). The Hayek hypothesis and long run competitive equilibrium: an experimental investigation. The Economic Journal, 127(599), 199-228. https://doi.org/10.1111/ecoj.12249
We report on an experiment investigating whether the Hayek Hypothesis (Smith, 1982) extends to the long run setting. We consider two environments; one with a production technology having a U-shaped long run average cost curve and a single competitive... Read More about The Hayek hypothesis and long run competitive equilibrium: an experimental investigation.