Experimental Examination of a Thin Market: Price Behavior in a Declining Terminal Market Revisited
- 1 July 1995
- journal article
- research article
- Published by Cambridge University Press (CUP) in Journal of Agricultural and Applied Economics
- Vol. 27 (1) , 149-160
- https://doi.org/10.1017/s1074070800019696
Abstract
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.Keywords
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