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 …

economic-experimental outcomes suggest that experienced utility may depend on the intensity of market competition. This paper … is the first to empirically analyze the implication of market competition for subjective well-being using real … hypothesis, we find that market competition aggravates the impact of individual's bargaining position in economic transactions on …