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Farmers’ performance and subject pool effect in decentralized bargaining markets

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  • Waichman, Israel
  • Ness, Christiane

Abstract

We report results from a decentralized bargaining market experiment conducted with farmers and students. Our results indicate that despite its bad reputation, performance is highly efficient (although not as efficient as the competitive equilibrium prediction). Farmers and students perform similarly regarding quantities, prices, and allocative efficiencies, but not regarding payoff allocations between buyers and sellers.

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File URL: http://www.sciencedirect.com/science/article/pii/S0165176511005775
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Bibliographic Info

Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 115 (2012)
Issue (Month): 3 ()
Pages: 366-368

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Handle: RePEc:eee:ecolet:v:115:y:2012:i:3:p:366-368

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Web page: http://www.elsevier.com/locate/ecolet

Related research

Keywords: Artefactual field experiment; Subject pool; Decentralized bargaining markets; Farmers; Efficiency;

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  1. Vernon L. Smith, 1962. "An Experimental Study of Competitive Market Behavior," Journal of Political Economy, University of Chicago Press, vol. 70, pages 111.
  2. John List, 2004. "Testing neoclassical competitive theory in multi-lateral decentralized markets," Framed Field Experiments 00176, The Field Experiments Website.
  3. repec:feb:framed:0081 is not listed on IDEAS
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