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dc.contributor.authorSøberg, Mortenen_US
dc.date.accessioned2012-09-20T13:17:39Z-
dc.date.available2012-09-20T13:17:39Z-
dc.date.issued2002en_US
dc.identifier.urihttp://hdl.handle.net/10419/63192-
dc.description.abstractThis paper reports on the empirical properties of the bid auction (buyers propose prices), offer auction (sellers suggest prices) and double auction (both buyers and seller initiate price quotes). These trading institutions are stress-tested using a nonstationary monopolistic market environment in which the buyers' demand schedule and the single seller's supply curve shift unpredictably between trading periods. The principal result is threefold. First, double auction prices tend to be greater than offer auction prices which again tend to be greater than bid auction prices. Second, the listed ranking reflects tendencies only. The laboratory data do not support statistically significant behavioral differences between the three auctions. Third, trading is highly efficient regardless of auction type.en_US
dc.language.isoengen_US
dc.publisherDep. of Economics, Univ. of Oslo Osloen_US
dc.relation.ispartofseriesMemorandum, Department of Economics, University of Oslo 2002,05en_US
dc.subject.jelC90en_US
dc.subject.jelD44en_US
dc.subject.jelen_US
dc.subject.ddc330en_US
dc.subject.keywordSequential auctionsen_US
dc.subject.keywordexperimental economicsen_US
dc.subject.stwAuktionstheorieen_US
dc.titleA laboratory stress-test of bid, double and offer auctionsen_US
dc.typeWorking Paperen_US
dc.identifier.ppn345628683en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Memorandum, Department of Economics, University of Oslo

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