no equilibrium achieving full efficiency. In the experiment, we vary the proportion of naive traders by introducing … computerized players. We find that full efficiency is not achieved in the experiment with or without naive traders, and efficiency … experiment participants, and that allowing face-to-face pre-play communication increases efficiency although still not to the …

-binding price requests. Using a laboratory experiment, we examine how competition moderates the way such cheap-talk communication … affects trade between buyers and sellers. For bilateral trade, the literature has identified efficiency, anchoring, and …-binding price requests has a positive effect on efficiency in that it helps trading partners close marginal deals both in bilateral …

choices from a laboratory experiment. The equilibrium predicts that the large battlefield receives more than a proportional …