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Competition on Common Value Markets with Naive Traders - A Theoretical and Experimental Analysis

  • Nadine Chlaß


    (Max Planck Institute of Economics, Jena, Germany)

  • Werner Güth

    (Max Planck Institute of Economics, Jena, Germany.)

Theoretically and experimentally, we generalize the analysis of acquiring a company (Samuelson and Bazerman 1985) by allowing for competition of both, buyers and sellers. Naivety of both is related to the idea that higher prices exclude worse qualities. While competition of naive buyers increases prices, competition of naive sellers promotes effciency enhancing trade. Our predictions are tested experimentally.

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Paper provided by Friedrich-Schiller-University Jena in its series Jena Economic Research Papers with number 2007-105.

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Date of creation: 20 Dec 2007
Date of revision:
Handle: RePEc:jrp:jrpwrp:2007-105
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