Price Discovery and Market Information in the Transition Economy of Russia: A Laboratory Study
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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Other publications TiSEM
2a1a87d9-2ed9-41a7-b3aa-b, Tilburg University, School of Economics and Management.
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