Laboratory Behavior in Spot and Forward Auction Markets |
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Authors: | Owen R Phillips Dale J Menkhaus Joseph L Krogmeier |
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Institution: | (1) Department of Economics and Finance, University of Wyoming, 82071-3985 Laramie, WY, USA;(2) Department of Agricultural and Applied Economics, University of Wyoming, 82071-3354 Laramie, WY, USA |
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Abstract: | Auctions that require advance production increase seller costs because inventories must be held. This cost does not exist in production-to-demand markets for which production follows trading, and sales exactly match quantities produced. Data from laboratory computerized double auction markets show that advance-production prices are significantly higher and quantities traded are significantly lower than they are in production-to-demand auctions. Price convergence patterns show advance-production sellers moving toward 9% higher prices and 22% greater earnings. |
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Keywords: | auctions advance-production production-to-demand |
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