We study an experimental market in which the structure of the information flows is endogenized. When making an offer, traders choose not only the price at which they are prepared to trade, but also the subset of traders they want to inform about the offer. This design allows for two extreme...

We study the structure of markets when traders are given the opportunity to create their own market, as on the internet.On the internet, public exchanges have in many cases been replaced by private exchanges.We use experiments to investigate possible reasons for the failure of public...

The effectiveness of relative performance evaluation schemes, such as yardstick competition, can be undermined by collusion.The degree to which the regulated agents manage to collude will be affected by the particulars of the scheme.We hypothesize that in a repeated game setting schemes will be...

When new technologies become available, it is not only essential that firms have the correct investment incentives, but often also that consumers make the proper usage decisions. This paper studies investment and usage in a shared ATM network. Be- cause all banks coordinate their ATM investment...

How can competition enhance bank soundness? Does competition improve soundness via the efficiency channel? Do banks heterogeneously respond to competition? To answer these questions, we exploit an innovative measure of competition [Boone, J., A new way to measure competition, EconJnl, Vol. 118,...