Information, Buyer Concentration, and Risk Attitudes: An Experimental Analysis

Brian Adam, Michael A. Hudson, Raymond M. Leuthold and Clark A. Roberts

Review of Agricultural Economics, 1991, vol. 13, issue 1, 59-71

Abstract: The trend to larger market shares, along with increased vertical integration, by firms in many agricultural markets raises important questions related to market power and possible informational advantages associated with larger firms. An experiment was designed to analyze the effects of both market structure and quality of information held by participants on transaction prices, and thus buyer profits, in a single-sided English auction. The results of this experiment suggested that prices in such auctions can be depressed by buyers, especially when those buyers possess market power.

Date: 1991
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