| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11378 |
| DP11378 Information Frictions and Market Power: A Laboratory Study | |
| Xavier Vives; Anna Bayona; Jordi Brandts | |
| 发表日期 | 2016-07-07 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | In a laboratory experiment with supply function competition and private information about correlated costs we study whether cost interdependence leads to greater market power in relation to when costs are uncorrelated in the ways predicted by Bayesian supply function equilibrium. We find that with uncorrelated costs observed behavior is close to the theoretical benchmark. However, with interdependent costs and precise private signals, market power does not raise above the case of uncorrelated costs contrary to the theoretical prediction. This is consistent with subjects not being able to make inferences from the market price when costs are interdependent. We find that this effect is less severe when private signals are noisier. |
| 主题 | Industrial Organization |
| 关键词 | Supply function competition Private information Wholesale electricity market |
| URL | https://cepr.org/publications/dp11378-0 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/540192 |
| 推荐引用方式 GB/T 7714 | Xavier Vives,Anna Bayona,Jordi Brandts. DP11378 Information Frictions and Market Power: A Laboratory Study. 2016. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
