The effects of advance production in posted offer and double auctio n markets are investigated. Previously-observed differences between the se institutions in mean contract prices and in the distribution of producers' and consumers' surpluses under the production to demand condition disappear when sellers make output decisions and incur production costs prior to the start of trading. The double auction institution under production to demand remains more efficient under advance production. The results suggest that the differential effects of alternative trading institutions on market outcomes may be partially offset by the production conditions characterizing a market. Copyright 1988 by The Review of Economic Studies Limited.
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Volume (Year): 55 (1988) Issue (Month): 4 (October) Pages: 641-54 Download reference. The following formats are available: HTML
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