The Hayek Hypothesis and Long‐Run Competitive Equilibrium: An Experimental Investigation
通过实验检验哈耶克假说是否适用于长期环境，发现市场在六期长期决策内收敛到竞争均衡价格和数量。
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 equilibrium, and another with a constant long run average cost curve. We present alternative efficient production plans as a menu of fixed and marginal cost pairs. In both environments, we observe convergence to long run competitive equilibrium prices and quantities typically within six long run decision horizons.