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A Double Auction Market: Teaching, Experiment and Theory

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Abstract

A simultaneous double auction market with bid and offer cards was utilized in classes on the theory and history of money and financial institutions and occasionally in classes on the theory of games. The prime purpose in using this game was to teach the students how to construct process models of economic phenomena. The second purpose was to consider the properties of the double auction market. The third purpose was to interpret the experimental results an link them to theory.

Suggested Citation

  • Martin Shubik, 2003. "A Double Auction Market: Teaching, Experiment and Theory," Cowles Foundation Discussion Papers 1443, Cowles Foundation for Research in Economics, Yale University.
    • Handle: RePEc:cwl:cwldpp:1443
    Note: CFP 1147.
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    Keywords

    Double auctions; Experimental games; Allocation games; Noncooperative equilibria;
    All these keywords.

    JEL classification:

    • C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions
    • C92 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Group Behavior
    • G1 - Financial Economics - - General Financial Markets

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