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Bilateral Trading And The Curse Of Knowledge: An Experimental Economics Study

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  • Menkhaus, Dale J.
  • Yakunina, Alla V.
  • Phillips, Owen R.
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    Abstract

    This research investigates the impact of reporting different kinds of trade information to buyers and sellers in laboratory markets, for which exchange is made through bilateral bargaining. Results suggest that public information may improve the bargaining position of buyers relative to sellers when there is spot delivery. In some cases sellers earn less than in a no information baseline. There is evidence of a curse of knowledge for sellers in our information experiments when quantity traded for the entire market is known. The mandatory price reporting of all trades does not improve the income of sellers.

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    File URL: http://purl.umn.edu/36127
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    Bibliographic Info

    Paper provided by Western Agricultural Economics Association in its series 2001 Annual Meeting, July 8-11, 2001, Logan, Utah with number 36127.

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    Date of creation: 2001
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    Handle: RePEc:ags:waealo:36127

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    Keywords: International Relations/Trade;

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    1. Camerer, Colin & Loewenstein, George & Weber, Martin, 1989. "The Curse of Knowledge in Economic Settings: An Experimental Analysis," Journal of Political Economy, University of Chicago Press, vol. 97(5), pages 1232-54, October.
    2. Noussair, Charles N & Plott, Charles R & Riezman, Raymond G, 1995. "An Experimental Investigation of the Patterns of International Trade," American Economic Review, American Economic Association, vol. 85(3), pages 462-91, June.
    3. Mestelman, Stuart & Welland, Douglas, 1987. "Advance production in oral double auction markets," Economics Letters, Elsevier, vol. 23(1), pages 43-48.
    4. Plott, Charles R, 1982. "Industrial Organization Theory and Experimental Economics," Journal of Economic Literature, American Economic Association, vol. 20(4), pages 1485-1527, December.
    5. Vernon L. Smith, 1994. "Economics in the Laboratory," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 113-131, Winter.
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