We conducted a market experiment in China to examine potential effects of subjects' hometowns on their behaviors as well as potential differences between team and individual trades. We observed that group size affected bargaining power and subsequently payoffs in different directions according...

We study market exchange in the laboratory by a multiethnic experiment in Kenya. The subjects of our experiment are of three ethnicities, Kikuyu, Luo, and Kalenjin. Our model contains two types of consumers and two kinds of commodities, and three competitive equilibria exist. The two equilibria...

Armchair evidence shows that many industries are made of a few big commercial ormanufacturing firms, which are able to affect the market outcome, and of a myriad of smallfamily-run businesses with very few employees, each of which has a negligible impact on themarket. Examples can be found in...

Many industries are made of a few big firms, which are able to manipulate the market outcome, and of a host of small businesses, each of which has a negligible impact on the market. We provide a general equilibrium framework that encapsulates both market structures. Due to the higher toughness...