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Which Market Protocols Facilitate Fair Trading?

In: Artificial Markets Modeling

Author

Listed:
  • Marco LiCalzi

    (U. of Venice)

  • Paolo Pellizzari

    (U. of Venice)

Abstract

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.

Suggested Citation

  • Marco LiCalzi & Paolo Pellizzari, 2007. "Which Market Protocols Facilitate Fair Trading?," Lecture Notes in Economics and Mathematical Systems, in: Andrea Consiglio (ed.), Artificial Markets Modeling, chapter 6, pages 81-97, Springer.
    • Handle: RePEc:spr:lnechp:978-3-540-73135-1_6
    DOI: 10.1007/978-3-540-73135-1_6
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    Cited by:

    1. Marco LiCalzi & Paolo Pellizzari, 2008. "Zero-Intelligence Trading Without Resampling," Lecture Notes in Economics and Mathematical Systems, in: Klaus Schredelseker & Florian Hauser (ed.), Complexity and Artificial Markets, chapter 1, pages 3-14, Springer.

    More about this item

    Keywords

    Fair Trading; Equilibrium Price; Fair Share; Initial Endowment; Certainty Equivalent;
    All these keywords.

    JEL classification:

    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • D69 - Microeconomics - - Welfare Economics - - - Other
    • G19 - Financial Economics - - General Financial Markets - - - Other

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