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The Advantage of Resource Queues over Spot Resource Markets: Decision Coordination in Experiments under Resource Uncertainty

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  • Miguel A. Fonseca
  • Alexander Pfaff
  • Daniel Osgood

Abstract

Farmers have to make key decisions, such as which crops to plant or whether to prepare the soil, before knowing how much water they will get. They face losses if they make costly decisions but do not receive water, and they may forego profits if they receive water without being prepared. We consider the coordination of farmers' decisions, such as which crops to plant or whether to prepare the soil when farmers must divide an uncertain water supply. We compare ex-ante queues (pre-decision) to an ex-post spot market (post-decision & post-rain) in experiments in rural Brazil and a university in England. Queues have greater coordination success than does the spot market. Copyright 2012, Oxford University Press.

Suggested Citation

  • Miguel A. Fonseca & Alexander Pfaff & Daniel Osgood, 2012. "The Advantage of Resource Queues over Spot Resource Markets: Decision Coordination in Experiments under Resource Uncertainty," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 94(5), pages 1136-1153.
  • Handle: RePEc:oup:ajagec:v:94:y:2012:i:5:p:1136-1153
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