Where ’ s the Beef ? Choosing Between Negotiations and Auctions in Cattle Sales
نویسنده
چکیده
We study the question of institutional choice—auctions or negotiations?—in a particular industry: the American cattle market. We consider the possibility that collusion in auctions is driving cattle producers away from auctions and towards negotiations. We provide a model that captures many key features of the industry and lays the groundwork for future work that could encapsulate many other facets of choosing between auctions and negotiations.
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