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Published May 1981 | public
Journal Article

The Effect of Intertemporal Speculation on the Outcomes in Seller Posted Offer Auction Markets


This paper extends the experimental examination of posted offer auction markets to a market with intertemporal speculators. Previous experimental results demonstrate that posted offer markets induce inefficiencies, and also an income distribution that works to the disadvantage of those facing posted prices. The results of this paper suggest that these properties of the posted offer institution hold in the presence of intertemporal speculation.

Additional Information

© 1981 by the President and Fellows of Harvard College. The financial support of the National Science Foundation and the Caltech Program for Enterprise and Public Policy is gratefully acknowledged. Edward C. Kokkelenberg helped recruit subjects and run experiments.

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August 19, 2023
March 5, 2024