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Which market protocols facilitate fair trading?


Author Info

  • Marco LiCalzi

    (Department of Applied Mathematics, University of Venice)

  • Paolo Pellizzari

    (Department of Applied Mathematics, University of Venice)


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.

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Bibliographic Info

Paper provided by Department of Applied Mathematics, Università Ca' Foscari Venezia in its series Working Papers with number 151.

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Length: 18 pages
Date of creation: May 2007
Date of revision:
Publication status: Published in A. Consiglio (ed.), Artificial Markets Modeling, Springer, 2007, 81-97
Handle: RePEc:vnm:wpaper:151

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Related research

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

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Cited by:
  1. Marco LiCalzi & Paolo Pellizzari, 2008. "Zero-Intelligence Trading without Resampling," Working Papers, Department of Applied Mathematics, Università Ca' Foscari Venezia 164, Department of Applied Mathematics, Università Ca' Foscari Venezia.


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