A Laboratory Investigation of Networked Markets
在实验室市场中引入外生人际网络，研究当合同不完全可执行时网络如何影响交易效率和贸易模式，发现网络能增加国际贸易量但实际效率低于理论上限。
When contracts are not perfectly enforceable, can interpersonal networks improve market efficiency? We introduce certain exogenous networks into laboratory markets in which traders can cheat in 'international' but not in 'domestic' transactions. We examine four network configurations, one of which has the potential to achieve 100% efficiency. Theoretical upper bounds correctly predict the main qualitative trade patterns across our network configurations but overpredict observed efficiency. Our networks increase international trade volume, reduce domestic volume and divert high surplus transactions to international networks. Copyright © The Author(s). Journal compilation © Royal Economic Society 2009.