Transactions That Did Not Happen and Their Influence on Prices

A. Kirman; Rainer Schulz; W. Hardle; A. Werwatz

doi:10.1016/j.jebo.2004.03.004

Transactions That Did Not Happen and Their Influence on Prices

A. Kirman, Rainer Schulz, W. Hardle, A. Werwatz

Research output: Contribution to journal › Article › peer-review

16 Citations (Scopus)

Abstract

This paper studies data from the wholesale fruit and vegetables market in Marseille. We have details of counter offers to the prices that were proposed by the seller even when no transaction took place. We analyse the evolution of prices and the relation between the final price struck and the proposals of the two parties. Periods with no buyer refusals, of offers or bargaining with no transaction will lead to a revision of the seller's first price. More importantly the sharing of the surplus moves in the buyer's favour during the day. These theoretical predictions are confirmed by our data set. &COPY; 2004 Elsevier B.V. All rights reserved.

Original language	English
Pages (from-to)	567-591
Number of pages	24
Journal	Journal of Economic Behavior and Organization
Volume	56
Issue number	4
DOIs	https://doi.org/10.1016/j.jebo.2004.03.004
Publication status	Published - Apr 2005

Keywords

bargaining
markets
INFORMATION
MARKET
MODEL

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10.1016/j.jebo.2004.03.004

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abstract = "This paper studies data from the wholesale fruit and vegetables market in Marseille. We have details of counter offers to the prices that were proposed by the seller even when no transaction took place. We analyse the evolution of prices and the relation between the final price struck and the proposals of the two parties. Periods with no buyer refusals, of offers or bargaining with no transaction will lead to a revision of the seller's first price. More importantly the sharing of the surplus moves in the buyer's favour during the day. These theoretical predictions are confirmed by our data set. &COPY; 2004 Elsevier B.V. All rights reserved.",

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AU - Hardle, W.

AU - Werwatz, A.

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N2 - This paper studies data from the wholesale fruit and vegetables market in Marseille. We have details of counter offers to the prices that were proposed by the seller even when no transaction took place. We analyse the evolution of prices and the relation between the final price struck and the proposals of the two parties. Periods with no buyer refusals, of offers or bargaining with no transaction will lead to a revision of the seller's first price. More importantly the sharing of the surplus moves in the buyer's favour during the day. These theoretical predictions are confirmed by our data set. &COPY; 2004 Elsevier B.V. All rights reserved.

AB - This paper studies data from the wholesale fruit and vegetables market in Marseille. We have details of counter offers to the prices that were proposed by the seller even when no transaction took place. We analyse the evolution of prices and the relation between the final price struck and the proposals of the two parties. Periods with no buyer refusals, of offers or bargaining with no transaction will lead to a revision of the seller's first price. More importantly the sharing of the surplus moves in the buyer's favour during the day. These theoretical predictions are confirmed by our data set. &COPY; 2004 Elsevier B.V. All rights reserved.

KW - bargaining

KW - markets

KW - INFORMATION

KW - MARKET

KW - MODEL

U2 - 10.1016/j.jebo.2004.03.004

DO - 10.1016/j.jebo.2004.03.004

M3 - Article

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EP - 591

JO - Journal of Economic Behavior and Organization

JF - Journal of Economic Behavior and Organization

IS - 4

ER -

Transactions That Did Not Happen and Their Influence on Prices

Abstract

Keywords

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