Experimental Examination of a Thin Market: Price Behavior in a Declining Terminal Market Revisited

Robert G. Nelson and Steven C. Turner

Journal of Agricultural and Applied Economics, 1995, vol. 27, issue 1, 149-160

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.

Date: 1995
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