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ArtikelDurable-Goods Monopoly : Laboratory Market and Bargaining Experiments  
Oleh: Reynolds, Stanley S.
Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Rand Journal of Economics vol. 31 no. 2 (2000), page 375-394.
Topik: LABORATORY; durable - goods monopoly; laboratory market; bargaining experiments
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  • Perpustakaan Pusat (Semanggi)
    • Nomor Panggil: RR10.4
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Isi artikelResults from single - period monopoly experiments (nondurable environment) are compared with results from multiperiod experiments that have features of a durable - goods environment. Average prices were below the static monopoly benchmark price in all settings. Observed initial prices were higher in multiperiod experiments than in single - period experiments, in contrast to equilibrium predictions. Prices in multiperiod experiments tended to fall over time ; there was less price cutting in market experiments than in bargaining experiments. There was substantial demand withholding by buyers in multiperiod experiments. A version of bounded rationality is a promising candidate for explaining deviations from equilibrium predictions.
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