Asymmetric surplus distribution and the price convergence path in posted-offer markets
نویسندگان
چکیده
منابع مشابه
Fairness and Short Run Price Adjustment in Posted Offer Markets *
Questionnaire studies show that perceptions of fairness cause people to resist price increases following abrupt changes in conditions with no cost justification. We examine this hypothesis in posted-offer markets extending previous work. Consistent with the hypothesis, in the profit disclosure (fairness) treatment prices are initially below those in the cost and the no disclosure treatments. Ov...
متن کاملRe-matching, Information and Sequencing Effects in Posted Offer Markets
This paper evaluates the effects of some standard procedural variations on outcomes in posted offer oligopoly experiments. Variations studied include the presence or absence of market information, the use of re-matched or fixed seller pairs and alterations in the order of sequencing. Experimental results indicate that such variations can have first order effects on outcomes. For this reason, we...
متن کاملSome factors affecting demand withholding in posted-offer markets
Both oligopoly theory and experiments are concerned almost uniquely with sellers’ behavior. Buyers’ ability to exhibit non-trivial behavior in different market institutions remains unaddressed. This paper investigates the impact of three variables (number of buyers, surplus division at the market-clearing price and information revelation) on strategic and fairness-motivated demand withholding. ...
متن کاملPosted-offer Markets in near Continuous Time: an Experimental Investigation
This paper reports an experiment conducted to evaluate a “near continuous” variant of the posted-offer trading institution, where the number of periods in a market session is increased by reducing sharply each period’s maximum length. Experimental results suggest that extensive rapid repetition improves considerably the drawing power of equilibrium predictions in some environments that have bee...
متن کاملPrice Rigidities and Institutional Variations in Markets with Posted Prices
Standard laboratory posted-offer markets respond slowly and incompletely to demand shocks. In these one-sided markets, where sellers control the setting of prices, very little information is transmitted via the process of exchange. For this reason, traders have trouble distinguishing randomness in their own experience from changes in market fundamentals. This paper reports the results of twelve...
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ژورنال
عنوان ژورنال: Economics Letters
سال: 1992
ISSN: 0165-1765
DOI: 10.1016/0165-1765(92)90097-i