Experiment 7: Monopolies and Cartels The experiment was conducted on 1 November, 1996, Carnegie Mellon University by John H. Miller Data for Table L7.1: Distribution of Buyer Types in Session 1 Type of Buyer Number of Buyer Value Buyers High-Value $21 19 Low-Value $16 8 Data for Figure/Table L7.2: Prices and Sales with Quotas Enforced Seller's Prices Paid by ID Seller's Customers 2254 20 20 20 20 9712 20 20 20 20 7271 20 20 20 20 9273 20 20 20 20 4648 20 20 20 All of these buyers had Buyer Values of $21. Data for Figure/Table L7.3: Prices and Sales with Voluntary Quotas Seller's Prices Paid by ID Seller's Customers 5699 6 6 6 6 6 6 6 4250 6 6 0518 6 6 6 6 6 6 6 6 3081 6 6 6 6 6 7615 6 6 6 6 6 The above is for the last round of the session, I think it is also fun to see what happened in the first round of this session. Here are the sales prices (each row is a seller). The further to the right you go with any seller, the later in the session the sale. As I recall, the intial breakdown in the market began with the second seller. 20 18 18 18 18 6 6 6 6 6 6 18 16 15 16 6 15 15 15 13 15 15 15 15 15 15 Data for Table L7.2: Distribution of Student and Non-Student Buyer Values Type of Buyer Number of Buyer Value Buyers High-Value Student $21 4 Low-Value Student $16 8 High-Value Non-Student $21 15 Low-Value Non-Student $16 0 Data for Figure/Table L7.4: Prices and Sales for Students and Non-Students Seller's Prices Paid by ID Seller's Customers 9211 15* 20 15* 20 20 7687 20 20 20 15* 15* 15* 3831 15* 20 20 15* 15* 20 9264 15* 15* 15* 20 20 20 9875 20 20 15* 20 We did not do Session 4 in class, please work the problems as a thought experiment only. End of file..................