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Farmers’ performance and subject pool effect in decentralized bargaining markets


  • Waichman, Israel
  • Ness, Christiane


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.

Suggested Citation

  • Waichman, Israel & Ness, Christiane, 2012. "Farmers’ performance and subject pool effect in decentralized bargaining markets," Economics Letters, Elsevier, vol. 115(3), pages 366-368.
  • Handle: RePEc:eee:ecolet:v:115:y:2012:i:3:p:366-368 DOI: 10.1016/j.econlet.2011.12.054

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    References listed on IDEAS

    1. James T. Hong & Charles R. Plott, 1982. "Rate Filing Policies for Inland Water Transportation: An Experimental Approach," Bell Journal of Economics, The RAND Corporation, vol. 13(1), pages 1-19, Spring.
    2. repec:feb:framed:0081 is not listed on IDEAS
    3. John A. List, 2004. "Testing Neoclassical Competitive Theory in Multilateral Decentralized Markets," Journal of Political Economy, University of Chicago Press, vol. 112(5), pages 1131-1156, October.
    4. Vernon L. Smith, 1962. "An Experimental Study of Competitive Market Behavior," Journal of Political Economy, University of Chicago Press, vol. 70, pages 322-322.
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    Cited by:

    1. Omar Al-Ubaydli & John A. List, 2016. "Field Experiments in Markets," NBER Working Papers 22113, National Bureau of Economic Research, Inc.

    More about this item


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

    JEL classification:

    • C93 - Mathematical and Quantitative Methods - - Design of Experiments - - - Field Experiments
    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General
    • Q10 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - General


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