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Demand shocks, advance production and market power: some lessons about markets from the laboratory

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Author Info
Douglas D. Davis (School of Business, Virginia Commonwealth University, Richmond, VA 23284-4000, USA)
K. Ramagopal (The School of Business Administration, University of Vermont, Burlington, VT 05405, USA)

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Abstract

This paper summarizes some recent research pertaining to laboratory markets, and then discusses some of the implications of this research for applied economics and policy. Three results are discussed: (a) in one-sided markets where sellers' post-prices price-tracking response to demand shocks is very poor; (b) despite the prominence of the Cournot model as a centerpiece for applied research, it is very difficult to construct an environment where Cournot outcomes are observed; (c) market power, or the capacity of sellers to unilaterally deviate from the competitive prediction, is a prominent characteristic in short-run price-setting contexts. © 1998 John Wiley & Sons, Ltd.

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Publisher Info
Article provided by John Wiley & Sons, Ltd. in its journal Managerial and Decision Economics.

Volume (Year): 19 (1998)
Issue (Month): 4-5 ()
Pages: 205-223
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Handle: RePEc:wly:mgtdec:v:19:y:1998:i:4-5:p:205-223

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Web page: http://www3.interscience.wiley.com/cgi-bin/jhome/7976

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