Charles R. Plott, Shyam Sunder, A Synthesis, Journal of Accounting Research, Vol. 19, Studies on Standardization of Accounting Practices: An Assessment of Alternative Institutional Arrangements (1981), pp. 227-239

This paper extends the experimental examination of posted offer auction markets to a market with intertemporal speculators. Previous experimental results demonstrate that posted offer markets induce inefficiencies, and also an income distribution that works to the disadvantage of those facing posted prices. The results of this paper suggest that these properties of the posted offer institution hold in the presence of intertemporal speculation.