Showing 851 - 860 of 909
This chapter summarizes a laboratory experiment comparing four different trading institutions, in a random values environment with four single unit buyers and four single unit sellers. This chapter also summarizes the main findings on efficiency: the continuous double auction (CDA) and...
Persistent link: https://www.econbiz.de/10014023614
This chapter focuses on identifying the marginal impact of price signaling, holding all other environmental and institutional factors constant. Although price signaling often increases transaction prices, this increase is very often temporary. Equilibrium behavior may be unaffected by...
Persistent link: https://www.econbiz.de/10014023627
Persistent link: https://www.econbiz.de/10004964272
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This study reports a laboratory experiment wherein subjects play a hawk-dove game. We try to implement a correlated equilibrium with payoffs outside the convex hull of Nash equilibrium payoffs by privately recommending play. We find that subjects are reluctant to follow certain recommendations....
Persistent link: https://www.econbiz.de/10005835337
In theory, competitive emission permit markets minimise total abatement cost for any emission ceiling. Permit markets are often imperfectly competitive, however, if they are thin and dominated by large firms. The dominant firm(s) could exercise market power and increase other firms’ costs of...
Persistent link: https://www.econbiz.de/10008519224
This paper examines participation in EPA's 33/50 program to assess the potential for voluntary environmental regulation to achieve improvements in environmental performance. The program's goal is to reduce the releases and transfers of 17 toxic chemicals by 50 percent between 1988 and 1995. The...
Persistent link: https://www.econbiz.de/10008537419
We report experiments designed to test between Nash equilibria that are stable and unstable under learning. The “TASP” (Time Average of the Shapley Polygon) gives a precise prediction about what happens when there is divergence from equilibrium under a wide class of learning processes. We...
Persistent link: https://www.econbiz.de/10008531900
Evidence shows that real-effort investments can affect bilateral bargaining outcomes. This paper investigates whether similar investments can inhibit equilibrium convergence of experimental markets. In one treatment, sellers’ relative effort affects the allocation of production costs, but a...
Persistent link: https://www.econbiz.de/10008531907
Theoretical models of information asymmetry have identied a tradeoff between the desire to learn and the desire to prevent an opponent from learning private information. This paper reports a laboratory experiment that investigates if actual bidders account for this tradeoff, using a sequential...
Persistent link: https://www.econbiz.de/10008531908