Experiments and Competition Policy by Jeroen Hinloopen, Hans-Theo Normann

By Jeroen Hinloopen, Hans-Theo Normann

Economists have all started to make a lot higher use of experimental equipment of their examine. The award of the Nobel Prize in 2002 to Vernon Smith proven that using such tools is now noticeable as an enormous and credible a part of the economist's toolkit. In Experiments and festival coverage, best students within the box of experimental economics survey using experimental equipment and exhibit how they could aid us to appreciate enterprise behaviour in terms of quite a few types of festival coverage. Chapters are geared up by way of the most fields of festival coverage - collusion, abusive practices and mergers - and there's additionally a separate part facing auctions and procurement. Written in a transparent and non-technical type, this quantity is a wonderful creation to what the more and more vital box of experimental economics can carry to the idea and perform of festival coverage.

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Countless others exist; many may involve less harsh retaliation. Notice that the collusive “agreements” we are talking about are only figurative. When collusion is illegal and explicit agreements subject to prosecution, such agreements need to be tacit. The question then arises as to which factors of the economic environment facilitate the emergence of collusive behavior without explicit negotiation. 1, looks much more susceptible to the emergence of tacit agreements than a market in which demand is contracting.

With real buyers, the next choice is the trading institution to use. With a demand function, the next choice is the mode of competition to use. First, consider the trading institution. Holt (1995; section 5) gives an exhaustive description of all possibilities. For our purposes, the following institutions deserve attention. Consider a market in which both buyers and sellers are active. In a posted-offer auction, each seller independently selects a price, and buyers are called on in random order to make purchase decisions.

In the experimental results the collusive outcome is, though not an equilibrium, one of the most frequently observed. The result that average prices tend to decrease with the number of firms is mainly due to less collusion in larger oligopolies. Numerous studies report results on related issues from quantity competition environments. Huck et al. (1999, 2004) provide results and a recent survey of work on collusion and competition under repeated quantity competition. Their conclusion is that duopolists sometimes manage to collude, but that in markets with more than three firms, collusion is difficult.

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