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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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    File URL: http://purl.umn.edu/36127
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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
    Contact details of provider: Web page: http://waeaonline.org/

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    1. Noussair, Charles & Plott, Charles & Riezman, Raymond., . "An Experimental Investigation of the Patterns of International Trade," Working Papers 799, California Institute of Technology, Division of the Humanities and Social Sciences.
    2. Plott, Charles R, 1982. "Industrial Organization Theory and Experimental Economics," Journal of Economic Literature, American Economic Association, vol. 20(4), pages 1485-1527, December.
    3. Vernon L. Smith, 1994. "Economics in the Laboratory," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 113-131, Winter.
    4. Mestelman, Stuart & Welland, Douglas, 1987. "Advance production in oral double auction markets," Economics Letters, Elsevier, vol. 23(1), pages 43-48.
    5. 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.
    6. Smith, Vernon L, 1982. "Microeconomic Systems as an Experimental Science," American Economic Review, American Economic Association, vol. 72(5), pages 923-55, December.
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