Contestability in Real-Time Experimental Flow Markets
通过实验室市场实验，使用一种新的实时交易制度，研究自然垄断市场的可竞争性。结果发现双企业可竞争市场未出现稳定价格，支持可竞争市场假说，但效率低于可持续均衡。
This article reports the results from laboratory markets using a new trading institution in which sellers post offers to sell flows of output in real time. We use the new institution to examine the outcomes in natural monopoly experimental markets. No. stable price outcomes were observed in markets contestable by two firms, a finding that is consistent with the contestable markets hypothesis, but in conflict with assertions commonly made by those advancing the theory's role in policy formation. The average efficiency of markets contestable by two firms, while greater than that of monopoly markets protected from entry, was significantly less than that associated with the sustainable equilibrium.