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APPENDIX S1. The Calculation of Mean Expected Transaction Prices, Profits, and Consumer Surplus.

APPENDIX S2. A Markov Perfect Equilibrium for the INV Game.

APPENDIX S3. Friedman Coefficient Calculations for the BASE, AP, and INV Games.

APPENDIX S4. Summary Information for Markets, Periods 21–40.

APPENDIX S5. Price and Quantity Offerings for Individual Markets.

ECIN_388_sm_suppl.pdf3658KSupporting info item

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