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- W1972505817 abstract "Abstract We report the results of twelve ‘double-auction’ market experiments designed to analyze the effects of asymmetric induced supply and demand configurations on the price convergence path toward a competitive equilibrium. The proposition (convergence bias) that prices tend to approach the competitive equilibrium from above (below) when consumer surplus is greater (less) than producer surplus cannot be rejected. We do, however, reject the proposition (convergence symmetry) that these convergence biases are of equal absolute magnitude. Excesses of producer over consumer surplus are found to have a more pronounced effect on the sequence of contract prices." @default.
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- W1972505817 date "1982-03-01" @default.
- W1972505817 modified "2023-09-24" @default.
- W1972505817 title "The effects of rent asymmetries in experimental auction markets" @default.
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- W1972505817 doi "https://doi.org/10.1016/0167-2681(82)90006-3" @default.
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