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Price Discovery and Market Information in the Transition Economy of Russia: A Laboratory Study

  • Menkhaus Dale J.

    ()

  • Yakunina Alla

    ()

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    Using laboratory experiments we study how the levels of prices, quantities traded, and earnings are affected in decentralized as compared with centralized trading in the case of spot delivery; and if market price reports can improve efficiency in decentralized trading. Results indicate that sellers are in a weaker bargaining position than buyers in decentralized spot trading, due to advance production and the associated risk of inventory loss. Additionally provided price information does not improve the bargaining position of sellers and, in some cases, can worsen market efficiency as well as the distribution of earnings between sellers and buyers.

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    File URL: http://www.eercnetwork.com/default/download/creater/working_papers/file/4dfd5f1e13630fb4e6e0d758896a7d281ba77301.pdf
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    Paper provided by EERC Research Network, Russia and CIS in its series EERC Working Paper Series with number 01-14e.

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    Length: 72 pages
    Date of creation: 18 Apr 2002
    Date of revision:
    Handle: RePEc:eer:wpalle:01-14e
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    1. Bovenberg, A.L. & van der Ploeg, F., 1993. "Optimal taxation, public goods and environmental policy with involuntary unemployment," Discussion Paper 1993-77, Tilburg University, Center for Economic Research.
    2. Bovenberg, A Lans & van der Ploeg, Frederick, 1998. " Tax Reform, Structural Unemployment and the Environment," Scandinavian Journal of Economics, Wiley Blackwell, vol. 100(3), pages 593-610, September.
    3. Shapiro, Carl & Stiglitz, Joseph E, 1984. "Equilibrium Unemployment as a Worker Discipline Device," American Economic Review, American Economic Association, vol. 74(3), pages 433-44, June.
    4. A. Golub & A. Markandiia & E. Strukova, 1998. "Problems of Capturing Rent Income," Problems of Economic Transition, M.E. Sharpe, Inc., vol. 41(7), pages 110-126, November.
    5. Koskela, Erkki & Schob, Ronnie, 1999. "Alleviating unemployment:: The case for green tax reforms," European Economic Review, Elsevier, vol. 43(9), pages 1723-1746, October.
    6. A. Bovenberg & Frederick Van der Ploeg, 1998. "Consequences of Environmental Tax Reform for Unemployment and Welfare," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 12(2), pages 137-150, September.
    7. Bosquet, Benoit, 2000. "Environmental tax reform: does it work? A survey of the empirical evidence," Ecological Economics, Elsevier, vol. 34(1), pages 19-32, July.
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