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Re-matching, Information and Sequencing Effects in Posted Offer Markets

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Author Info
Douglas D. Davis () (Department of Economics, VCU School of Business)
Korenok Oleg () (Department of Economics, VCU School of Business)
Robert Reilly () (Department of Economics, VCU School of Business)

Additional information is available for the following registered author(s):

Abstract

This paper evaluates the effects of some standard procedural variations on outcomes in posted offer oligopoly experiments. Variations studied include the presence or absence of market information, the use of re-matching or fixed seller pairs and alterations in the order of sequencing. Experimental results indicate that such variations can have first order effects on outcomes. For this reason, we recommend that results in oligopoly experiments be carefully interpreted in light of the procedures selected.

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File URL: http://www.people.vcu.edu/%7Edddavis/papers/EXEC154R2.pdf
File Format: application/pdf
File Function: Final version, 2007
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Publisher Info
Paper provided by VCU School of Business, Department of Economics in its series Working Papers with number 0701.

Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Length: 31 pages
Date of creation: Feb 2007
Date of revision: Oct 2007
Publication status: Forthcoming in Experimental Economics
Handle: RePEc:vcu:wpaper:0701

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Postal: Box 844000, Richmond, VA 23284-4000
Phone: 804/828-1717
Web page: http://www.bus.vcu.edu/economics/
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For technical questions regarding this item, or to correct its listing, contact: (Oleg Korenok).

Related research
Keywords: Market Experiments; Oligopoly; Re-Matching; Information; Market Concentration;

Other versions of this item:

Find related papers by JEL classification:
C9 - Mathematical and Quantitative Methods - - Design of Experiments
D4 - Microeconomics - - Market Structure and Pricing
L4 - Industrial Organization - - Antitrust Issues and Policies

This paper has been announced in the following NEP Reports:

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  1. Huck, Steffen & Normann, Hans-Theo & Oechssler, Jorg, 2000. "Does information about competitors' actions increase or decrease competition in experimental oligopoly markets?," International Journal of Industrial Organization, Elsevier, vol. 18(1), pages 39-57, January. [Downloadable!] (restricted)
    Other versions:
  2. Martin, Stephen & Normann, Hans-Theo & Snyder, Christopher M, 2001. "Vertical Foreclosure in Experimental Markets," RAND Journal of Economics, The RAND Corporation, vol. 32(3), pages 466-96, Autumn.
  3. John Duffy & Jack Ochs, 2006. "Cooperative Behavior and the Frequency of Social Interaction," Working Papers 274, University of Pittsburgh, Department of Economics, revised Jul 2008. [Downloadable!]
    Other versions:
  4. Alger, Dan, 1987. "Laboratory Tests of Equilibrium Predictions with Disequilibrium Data," Review of Economic Studies, Blackwell Publishing, vol. 54(1), pages 105-45, January. [Downloadable!] (restricted)
  5. Douglas D. Davis & Bart J. Wilson, 2006. "Strategic Buyers, Horizontal Mergers and Synergies: An Experimental Investigation," Working Papers 0601, VCU School of Business, Department of Economics. [Downloadable!]
    Other versions:
  6. Douglas D. Davis, 2006. "Pure Numbers Effects, Market Power, and Tacit Collusion in Posted Offer Markets," Working Papers 0603, VCU School of Business, Department of Economics, revised Jan 2009. [Downloadable!]
  7. Douglas D. Davis & Oleg Korenok, 2005. "Posted - Offer Markets In Near Continuous Time: an Experimental Investigation," Working Papers 0504, VCU School of Business, Department of Economics, revised 2007. [Downloadable!]
    Other versions:
  8. Edward L. Millner & Michael D. Pratt & Robert J. Reilly, 1990. "Contestability in Real-Time Experimental Flow Markets," RAND Journal of Economics, The RAND Corporation, vol. 21(4), pages 584-599, Winter. [Downloadable!] (restricted)
  9. Smith, Vernon L, 1982. "Markets as Economizers of Information: Experimental Examination of the "Hayek Hypothesis"," Economic Inquiry, Oxford University Press, vol. 20(2), pages 165-79, April.
  10. Vernon L. Smith, 2003. "Constructivist and Ecological Rationality in Economics," American Economic Review, American Economic Association, vol. 93(3), pages 465-508, June. [Downloadable!]
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  11. Cary A. Deck & Bart J. Wilson, 2003. "Automated Pricing Rules in Electronic Posted Offer Markets," Economic Inquiry, Oxford University Press, vol. 41(2), pages 208-223, April. [Downloadable!] (restricted)
  12. Braumoeller, Bear F., 2004. "Hypothesis Testing and Multiplicative Interaction Terms," International Organization, Cambridge University Press, vol. 58(04), pages 807-820, October. [Downloadable!]
  13. Deck, Cary A. & Wilson, Bart J., 2008. "Experimental gasoline markets," Journal of Economic Behavior & Organization, Elsevier, vol. 67(1), pages 134-149, July. [Downloadable!] (restricted)
  14. Cooper, Russell & DeJong, Douglas V. & Forsythe, Robert & Ross, Thomas W., 1996. "Cooperation without Reputation: Experimental Evidence from Prisoner's Dilemma Games," Games and Economic Behavior, Elsevier, vol. 12(2), pages 187-218, February. [Downloadable!] (restricted)
    Other versions:
  15. Cox, James C. & Walker, Mark, 1998. "Learning to play Cournot duopoly strategies," Journal of Economic Behavior & Organization, Elsevier, vol. 36(2), pages 141-161, August. [Downloadable!] (restricted)
  16. Williams, Arlington W & Smith, Vernon L, 1984. "Cyclical Double-Auction Markets with and without Speculators," Journal of Business, University of Chicago Press, vol. 57(1), pages 1-33, January. [Downloadable!] (restricted)
  17. Douglas D. Davis & Charles A. Holt, 1994. "Market Power and Mergers in Laboratory Markets with Posted Prices," RAND Journal of Economics, The RAND Corporation, vol. 25(3), pages 467-487, Autumn. [Downloadable!] (restricted)
  18. Dufwenberg, Martin & Gneezy, Uri, 2000. "Price competition and market concentration: an experimental study," International Journal of Industrial Organization, Elsevier, vol. 18(1), pages 7-22, January. [Downloadable!] (restricted)
  19. Douglas Davis & Robert Reilly & Bart Wilson, 2003. "Cost Structures and Nash Play in Repeated Cournot Games," Experimental Economics, Springer, vol. 6(2), pages 209-226, October. [Downloadable!] (restricted)
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