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 …

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 …

This paper experimentally studies the effects of competition in an environment where people's actions can not be … contractually fixed. We find that, in comparison with no competition, the presence of competition does neither increase efficiency … nor does it yield any gains in earnings for the short side of the exchange relation. Moreover, competition has a clearly …

This paper experimentally studies the effects of competition in an environment where people's actions can not be … contractually fixed. We find that, in comparison with no competition, the presence of competition does neither increase efficiency … nor does it yield any gains in earnings for the short side of the exchange relation. Moreover, competition has a clearly …

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 …