A study on decision-making and institutional design in recycling system: An analysis of the market for collecting used units

✍ Scribed by Nariaki Nishino; Sobei H. Oda; Kanji Ueda

• Publisher: John Wiley and Sons
• Year: 2007
• Tongue: English
• Weight: 682 KB
• Volume: 38
• Category: Article
• ISSN: 0882-1666
• DOI: 10.1002/scj.20622

✦ Synopsis

Abstract

This paper presents a specific examination of decision‐making of economic agents in a recycling system and analyzes recycling as a social system. A market model for collecting used products is constructed based on market microstructure theory. In addition to the theoretical analyses, we examine the behavior of each decision‐maker and the overall recycling system using the multiagent system that comprises both human subjects and computerized agents. Results show that the theoretically best case is not good in experiments. Moreover, this paper also presents discussion of institutional design by comparing experimental results with current institutions using real‐world data for several types of products. © 2007 Wiley Periodicals, Inc. Syst Comp Jpn, 38(8): 20–31, 2007; Published online in Wiley InterScience (www.interscience.wiley.com). DOI 10.1002/scj.20622