We consider the efficiency properties of exchange economies where privately informed traders behave strategically …

contestants due to softer competition. Our main result regarding total revenue comparison under the optimal biases reveals that …

-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 … competition, although some of them become weaker. Our main findings are the following: (i) The ability of sellers to make non …