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.
Autori: | |
Data di pubblicazione: | 2007 |
Titolo: | Which market protocols facilitate fair trading? |
Titolo del libro: | Artificial Markets Modeling |
Digital Object Identifier (DOI): | http://dx.doi.org/10.1007/978-3-540-73135-1_6 |
Appare nelle tipologie: | 3.1 Articolo su libro |
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FacilitateFairTrading-AE2007.pdf | Documento in Post-print | Accesso gratuito (solo visione) | Open Access Visualizza/Apri |
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