Durable-goods monopoly: laboratory market and bargaining experiments

Reynolds, Stanley S. “Durable-goods monopoly: laboratory market and bargaining experiments." The RAND Journal of Economics (2000): 375-394. arizona.edu 提供的 [PDF]

==Abstract:==

Results from single-period monopoly experiments (nondurable environment) are compared with results from multiperiod monopoly experiments that have features of a durable-goods environment. Average prices were below the static monopoly benchmark price in all settings. Observed initial prices were higher in multiperiod experiments than in single-period experiments, in contrast to equilibrium predictions. Prices in multiperiod experiments tended to fall over time; there was less price cutting in market experiments than in bargaining experiments. There was substantial demand withholding by buyers in multiperiod experiments. A version of bounded rationality is a promising candidate for explaining deviations from equilibrium predictions.

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