This paper reports on a set of experiments designed to discriminate among the possible sources of the failure of the unique mixed strategy minimax equilibrium of the O'Neill (1987) game. First, the experimental design allows one to identify the causes of the serial correlation in subjects'...

This paper presents theoretical extensions and laboratory tests of the Hoffman and Libecap (1994) model of individual firm incentives to form agricultural marketing pools. The key incentives are lower variance in output prices and economies in scale in marketing. This paper extends the model by...