Author: Walter Timothy Rhodus
Publisher:
ISBN:
Category : Resource allocation
Languages : en
Pages : 194
Book Description
Allocative Efficiency of Experimental Markets Under Conditions of Supply and Demand Uncertainty
Author: Walter Timothy Rhodus
Publisher:
ISBN:
Category : Resource allocation
Languages : en
Pages : 194
Book Description
Publisher:
ISBN:
Category : Resource allocation
Languages : en
Pages : 194
Book Description
Market Power and Information Effects in a Multi-unit Auction
Author: Andreas Hefti
Publisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
We study the effects of different information structures (full information, supply uncertainty and demand uncertainty) on equilibrium prices, allocative efficiency and bidding behavior in a (supply-side) uniform-price multi-unit auction, using supply function competition and a novel experimental design. Our setup integrates different types of market power and a varying level of competition. We empirically find that average prices tend to be higher under full information compared to the cases where bidders either have limited information about about the demand level or rivals' technologies or; the latter even leading to strictly lower average prices as the exertion of market power and bid shading is strongly reduced. We explain this finding with a behavioral equilibrium concept, where bidders behave as if competing against the average market situation. Further, we address the problem of multiplicity of equilibria by exploiting the equilibrium conditions to obtain an empirical selection of the average equilibrium supply function. The respective predictions of the average prices exceed those by standard OLS in all information treatments.
Publisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
We study the effects of different information structures (full information, supply uncertainty and demand uncertainty) on equilibrium prices, allocative efficiency and bidding behavior in a (supply-side) uniform-price multi-unit auction, using supply function competition and a novel experimental design. Our setup integrates different types of market power and a varying level of competition. We empirically find that average prices tend to be higher under full information compared to the cases where bidders either have limited information about about the demand level or rivals' technologies or; the latter even leading to strictly lower average prices as the exertion of market power and bid shading is strongly reduced. We explain this finding with a behavioral equilibrium concept, where bidders behave as if competing against the average market situation. Further, we address the problem of multiplicity of equilibria by exploiting the equilibrium conditions to obtain an empirical selection of the average equilibrium supply function. The respective predictions of the average prices exceed those by standard OLS in all information treatments.
North Central Journal of Agricultural Economics
Author:
Publisher:
ISBN:
Category : Agriculture
Languages : en
Pages : 1002
Book Description
Publisher:
ISBN:
Category : Agriculture
Languages : en
Pages : 1002
Book Description
American Doctoral Dissertations
Author:
Publisher:
ISBN:
Category : Dissertation abstracts
Languages : en
Pages : 574
Book Description
Publisher:
ISBN:
Category : Dissertation abstracts
Languages : en
Pages : 574
Book Description
Do Market Conditions Affect Preferences?
Author: Jordi Brandts
Publisher:
ISBN:
Category :
Languages : en
Pages : 42
Book Description
Publisher:
ISBN:
Category :
Languages : en
Pages : 42
Book Description
Dissertation Abstracts International
Author:
Publisher:
ISBN:
Category : Dissertations, Academic
Languages : en
Pages : 566
Book Description
Publisher:
ISBN:
Category : Dissertations, Academic
Languages : en
Pages : 566
Book Description
Southern Economic Journal
Author:
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 520
Book Description
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 520
Book Description
Collected Papers on the Experimental Foundations of Economics and Political Science: Information, finance and general equilibrium
Author: Charles R. Plott
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 676
Book Description
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 676
Book Description
Comprehensive Dissertation Index
Author:
Publisher:
ISBN:
Category : Dissertations, Academic
Languages : en
Pages : 984
Book Description
Publisher:
ISBN:
Category : Dissertations, Academic
Languages : en
Pages : 984
Book Description
Rural Financial Markets Project Selected Publications
Author:
Publisher:
ISBN:
Category : Agricultural credit
Languages : en
Pages : 918
Book Description
Collection of papers from various sources.
Publisher:
ISBN:
Category : Agricultural credit
Languages : en
Pages : 918
Book Description
Collection of papers from various sources.