structure of the sellers' information and, even more importantly, on the intensity of competition allowed by the trading rules …. When there is intense competition (absence of clienteles), information is fully and immediately revealed to the buyers in … arrangements characterized by less intense forms of competition (presence of clienteles), for any n we always have equilibria where …

framework. We test the model’s predictions in a laboratory experiment. Both in theory and in the experiment diagnostic … uncertainty decreases the rate of efficient service provision and leads to less trade. In theory, insurance also decreases the …

welfare losses is 1/ n2 [hoch 2] . The results extend to demand schedule competition and a range of applications in product … and financial markets are presented. -- reverse auction ; demand schedule competition ; market power ; adverse selection …

competition, and/or the behavioral impacts of competition. Psychologically, a competitive environment alters incentives for ….e., succeeding in a competition is valuable per se. We design an experiment that allows us to disentangle financial and psychological …