The evaluation of an exchange market is a multi-faceted problem. An important criterion is the ability to achieve allocative efficiency. Gode and Sunder (1993) shows that a continuous double auction for singleunit trades leads to an efficient allocation even when the traders exhibit “zero-intelligence”; in other words, market protocols are active contributors in the search for a better outcome. Under reasonable circumstances, most of the commonly used market protocols share the ability to help traders discover an efficient allocation.
|Titolo:||Which market protocols facilitate fair trading?|
|Data di pubblicazione:||2007|
|Appare nelle tipologie:||3.1 Articolo su libro|