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Title:Competition on common value markets with naèive traders: a theoretical and experimental analysis PDF Logo
Authors:Chlaß, Nadine
Güth, Werner
Issue Date:2007
Series/Report no.:Jena economic research papers 2007,105
Abstract: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.
JEL:D01
D42
D43
D44
D61
D82
L13
L15
Document Type:Working Paper
Appears in Collections:Jena Economic Research Papers, MPI für Ökonomik

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