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Experimental Examination of a Thin Market: Price Behavior in a Declining Terminal Market Revisited

Опубликовано на портале: 18-02-2005
Journal of Agricultural and Applied Economics. 1995.  Vol. 27. No. 1. P. 149-160. 
Perceived characteristics of thin markets are described and approaches to furthering their study are suggested. Design features of a laboratory thin market, patterned after a typical livestock marketing situation, are described. Price bias and variation from a “thick” private negotiation market with 22 traders is compared to that from a “thin” auction market with 8 traders. No systematic price bias was found m any of the markets. Price variation was actually lower in the thin auction market.

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