Fairness: Effect on Temporary and Equilibrium Prices in Posted Offer Markets

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dc.contributor.author Franciosi, Robert
dc.contributor.author Kujal, Praveen
dc.contributor.author Michelitsch, Roland
dc.contributor.author Smith, Vernon
dc.contributor.author Deng, Gang
dc.date.accessioned 2016-04-07T12:36:03Z
dc.date.available 2016-04-07T12:36:03Z
dc.date.issued 1995-07
dc.identifier.bibliographicCitation The Economic Journal. (Julio, 1995), vol. 105, nº 431, p. 938-950
dc.identifier.issn 1468-0297
dc.identifier.uri http://hdl.handle.net/10016/5353
dc.description.abstract Questionnaire studies suggest that perceptions of fairness cause people to resist price increases following abrupt changes in conditions with no cost justification. This hypothesis is examined in posted-offer markets extending previous work. Consistent with the hypothesis, in the profit disclosure (fairness) treatment prices are initially below those in the cost and the no disclosure treatments. But over time prices in all treatments converge to the competitive surplus maximising equilibrium. Thus 'fairness' is interpreted as being the result of expectations that are not sustainable. Expectations adapt as the market converges to the standard competitive equilibrium prediction.
dc.format.mimetype application/pdf
dc.language.iso eng
dc.publisher Royal Economic Society
dc.publisher Wiley
dc.rights © Wiley
dc.title Fairness: Effect on Temporary and Equilibrium Prices in Posted Offer Markets
dc.type article
dc.type.review PeerReviewed
dc.description.status Publicado
dc.relation.publisherversion http://www.jstor.org/stable/pdfplus/2235160.pdf
dc.subject.eciencia Economía
dc.rights.accessRights openAccess
dc.type.version acceptedVersion
dc.identifier.publicationfirstpage 938
dc.identifier.publicationissue 431
dc.identifier.publicationlastpage 950
dc.identifier.publicationtitle The Economic Journal
dc.identifier.publicationvolume 105
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