The Effect of Intertemporal Speculation on the Outcomes in Seller Posted Offer Auction Markets
通过实验研究跨期投机者在卖方标价拍卖市场中的影响，发现该市场原有的低效率和对价格接受者不利的收入分配特征在投机存在时依然成立。
This paper extends the experimental examination of posted offer auction markets to a market with intertemporal speculators. Previous experimental results demonstrate that posted offer markets induce inefficiencies, and also an income distribution that works to the disadvantage of those facing posted prices. The results of this paper suggest that these properties of the posted offer institution hold in the presence of intertemporal speculation.