EXPERIMENTAL EXAMINATION OF A THIN MARKET: PRICE BEHAVIOR IN A DECLINING TERMINAL MARKET REVISITED

Perceived characteristics of thin markets are described and approaches to furthering their study are suggested. Design features of a laboratory thin market, patterned after a typical livestock marketing situation, are described. Price bias and variation from a "thick" private negotiation market with 22 traders is compared to that from a "thin" auction market with 8 traders. No systematic price bias was found in any of the markets. Price variation was actually lower in the thin auction market.


Subject(s):
Issue Date:
1995-07
Publication Type:
Journal Article
PURL Identifier:
http://purl.umn.edu/15328
Published in:
Journal of Agricultural and Applied Economics, Volume 27, Number 1
Page range:
149-160
Total Pages:
12




 Record created 2017-04-01, last modified 2017-08-22

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