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.

Social Distance and Other-Regarding Behavior in Dictator Games: Reply by Elizabeth Hoffman, Kevin McCabe and Vernon L. Smith. Published in volume 89, issue 1, pages 340-341 of American Economic Review, March 1999