Asymmetric Surplus Distribution and the Price Convergence Path in Posted Offer Markets: A Note

Kujal, Praveen

Asymmetric Surplus Distribution and the Price Convergence Path in Posted Offer Markets: A Note

Author(s): Kujal, Praveen

Publisher: Elsevier

Issued date: 1992

Citation: Economics Letters. 1992, vol.39, nº 1, p.33-36

ISSN: 0165-1765

DOI: 10.1016/0165-1765(92)90097-I

Review: PeerReviewed

Publisher version: http://dx.doi.org/10.1016/0165-1765(92)90097-I

URI: http://hdl.handle.net/10016/5329

Rights: ©Elsevier

Abstract:

We report results from five Posted-Offer experiments with firm-specific quotas. The average contract price converges from below the competitive equilibrium. Thus, the independence of the contract price convergence path from surplus distribution is questioned i [+]

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