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Which market protocols facilitate fair trading?

Author

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  • Marco LiCalzi

    (Department of Applied Mathematics, University of Venice)

  • Paolo Pellizzari

    (Department of Applied Mathematics, University of Venice)

Abstract

We study the performance of four market protocols with regard to their ability to equitably distribute the gains from trade among two groups of participants in an exchange economy. We test the protocols by running (computerized) experiments. Assuming Walrasian tatonemment as benchmark, there is a clear-cut ranking from best to worst: batch auction, nondiscretionary dealership, the hybridization of a dealership and a continuous double auction, and finally the pure continuous double auction.

Suggested Citation

  • Marco LiCalzi & Paolo Pellizzari, 2007. "Which market protocols facilitate fair trading?," Working Papers 151, Department of Applied Mathematics, Università Ca' Foscari Venezia.
    • Handle: RePEc:vnm:wpaper:151
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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

    allocative efficiency; allocative fairness; allocative neutrality; comparison of market institutions; market microstructure; performance criteria.;
    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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