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

  • Menkhaus, Dale J.
  • Yakunina, Alla V.
  • Phillips, Owen R.
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    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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    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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    1. Mestelman, Stuart & Welland, Douglas, 1987. "Advance production in oral double auction markets," Economics Letters, Elsevier, vol. 23(1), pages 43-48.
    2. Vernon L. Smith, 1994. "Economics in the Laboratory," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 113-131, Winter.
    3. Charles N. Noussair & Charles R. Plott & Raymond G. Riezman, 2013. "An Experimental Investigation of the Patterns of International Trade," World Scientific Book Chapters, in: International Trade Agreements and Political Economy, chapter 17, pages 299-328 World Scientific Publishing Co. Pte. Ltd..
    4. Smith, Vernon L, 1982. "Microeconomic Systems as an Experimental Science," American Economic Review, American Economic Association, vol. 72(5), pages 923-55, December.
    5. Plott, Charles R, 1982. "Industrial Organization Theory and Experimental Economics," Journal of Economic Literature, American Economic Association, vol. 20(4), pages 1485-1527, December.
    6. 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.
    7. Steven T. Buccola, 1985. "Pricing Efficiency in Centralized and Noncentralized Markets," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 67(3), pages 583-590.
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