Brandts, Jordi; Riedl, Arno; Winden, Frans van - Tinbergen Instituut - 2004
We study the effects of competition in a context in which people's actions can not be contractually fixed. We find that … in such an environment the very presence of competition does neither increase efficiency nor does it yield any payoff … gains for the short side of the market. We also find that competition has a strong negative impact on social well-being, the …
