The effects of rent asymmetries in markets characterized by advance production
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Abstract
The results of 40 controlled market sessions are reported. The effects of advance production and the distribution of the market surplus between buyers and sellers on the relative performance of posted offer and double auction markets are compared with the relative performance of posted offer and double auction institutions in markets with production to order. Performance differences between the two institutions across production conditions as the surplus distributions are varied are similar but not identical. The distribution of surplus appears to have an effect on the performance measures in advance production markets.