Multiple openings and competitiveness of forward markets: experimental evidence

We test the competition enhancing effect of selling forward in experimental Cournot duopoly and quadropoly with multiple forward markets. We find that having two forward periods yields competitive outcomes and that the results are very close to the predicted theoretical results for both quantity setting duopolies and quadropolies. Our experiments lend strong support to the hypothesis that forward markets are competition enhancing. We then test a new market that allows for endogenously determined indefinitely many forward periods that only close when sellers coordinate on selling a zero amount in a forward market. We find that the outcomes under an endogenous close rule are also very competitive. These results hold for both duopolies and quadropolies

Measuring the closeness of relationships: a comprehensive evaluation of the 'Inclusion of the Other in the Self' scale

Understanding the nature and influence of social relationships is of increasing interest to behavioral economists, and behavioral scientists more generally. In turn, this creates a need for tractable, and reliable, tools for measuring fundamental aspects of social relationships. We provide a comprehensive evaluation of the 'Inclusion of the Other in the Self' (IOS) Scale, a handy pictorial tool for measuring the subjectively perceived closeness of a relationship. The tool is highly portable, very easy for subjects to understand and takes less than 1 minute to administer. Across our three online studies with a diverse adult population (n=772) we show that six different scales designed to measure relationship closeness are all highly significantly positively correlated with the IOS Scale. We then conduct a Principal Component Analysis to construct an Index of Relationship Closeness and find that it correlates very strongly (ρ=.85) with the IOS Scale. We conclude that the IOS Scale is a psychologically meaningful and highly reliable measure of the subjective closeness of relationships