A note on the use of businessmen as subjects in sealed offer markets
Using the data from sealed offer laboratory markets, we compare the price and quality choices of student subjects with those of businessmen subjects. The businessmen subjects were public accounting firm partners and corporate financial officers. This is of interest since the financial officer-auditor relationship is one particular application of the elementary principal-agent model which the laboratory environment was designed to test. Using several different performance measures we are unable to reject the null hypothesis that the average performance of the two subject pools were the same. However, the market using businessmen subjects generally exhibited greater variance than the market using students.
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