Inventories and Public Information in Private Negotiation: A Laboratory Market Study
通过实验室市场实验，研究在双边私人谈判中报告不同种类的汇总交易信息对买卖双方的影响，发现交易和价格信息能改善买方的协调和谈判地位，降低交易价格并提高买方收益，但会降低市场效率。
Abstract Using laboratory markets, this research investigates the impacts of reporting different kinds of aggregated trade information to buyers and sellers who conduct transactions through bilateral/private negotiation. There are a limited number of bargaining rounds or matches between buyer and seller pairs. Sellers hold a perishable inventory before negotiations begin. We find that knowledge of trades, along with price, improves the coordination and bargaining position of buyers. Trade prices are lower and buyer earnings are higher, relative to the no‐information treatment or when just‐past quantities or just‐past prices are reported. Market efficiency declines as public information is reported.