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Does what we dont know hurt us? The Efficiency of Local Knowledge
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Adam Smith agent based agents engage approach argued asymmetric knowledge attempt average number Axtell banks business owners decentralized decision decrease dispersed knowledge distribution of prices economic theory economists efficiency emergence engage in search false purchases financial intermediation George Mason University global information graduation growing hypothesis impact impersonal exchange incorporated increase individual informational regimes institutional environment institutional matrix interaction Keynes Keynesian loan lowest price Maasai macroeconomic market failure Mercatus Center micro microfinance borrowers microfinance program microfinance providers Mohamed Yunus networks number of false obtained offered prices optimal outcome overlapping neighborhoods Pareto optimal perfect information poor possess global knowledge possible price dispersion price distribution price firm price vector problem purchase costs randomly representative agent round sample search algorithm Search rule simply simulation social welfare stable Stiglitz supplier sustainable thinking traffic jam transaction costs variance Walrasian Walrasian auctioneer