Advance Production in Experimental Markets
通过实验研究提前生产对报价和双向拍卖市场的影响，发现生产条件会部分抵消不同交易制度对市场结果的差异效应。
The effects of advance production in posted offer and double auction markets are investigated. Previously observed differences between these institutions in mean contract prices and in the distribution of producers' and consumers' surpluses under the production to demand condition disappear when sellers make output decisions and incur production costs prior to the start of trading. The double auction institution remains more efficient under advance production. The results suggest that the differential effects of alternative trading institutions on market outcomes may be partially offset by the production conditions characterizing a market.