Price Discovery and Market Information in the Transition Economy of Russia: A Laboratory Study

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Price Discovery and Market Information in the Transition Economy of Russia: A Laboratory Study

Author Info

Menkhaus Dale J. ()
Yakunina Alla ()

Abstract

Using laboratory experiments we study how the levels of prices, quantities traded, and earnings are affected in decentralized as compared with centralized trading in the case of spot delivery; and if market price reports can improve efficiency in decentralized trading. Results indicate that sellers are in a weaker bargaining position than buyers in decentralized spot trading, due to advance production and the associated risk of inventory loss. Additionally provided price information does not improve the bargaining position of sellers and, in some cases, can worsen market efficiency as well as the distribution of earnings between sellers and buyers.

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Publisher Info
Paper provided by EERC Research Network, Russia and CIS in its series EERC Working Paper Series with number 01-14e.

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Length: 72 pages
Date of creation: 18 Apr 2002
Date of revision:
Handle: RePEc:eer:wpalle:01-14e

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Find related papers by JEL classification:
D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
C78 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Bargaining Theory; Matching Theory
C90 - Mathematical and Quantitative Methods - - Design of Experiments - - - General

This paper has been announced in the following NEP Reports:

NEP-FIN-2002-10-18 (Finance)
NEP-RMG-2002-10-18 (Risk Management)

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