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Incertitude et fourchettes de prix sur un marché d'enchères:les apports du laboratoire

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Listed:
  • Olivier Brandouy
  • Pascal Barneto

    (Université de Limoges)

Abstract

We study the bid-ask spreads observed in an experimental auction market. Three results are presented. First, the trading mechanism, which can destroy order books, should modify the measure of the spreads. Second, bid-ask spreads are reliable to the nature of the environment and to the type of information received by the traders. An adverse-selection mechanism should explain the volatility of the spread. Third, the behaviour of prices and volumes depends on an ambiguous situation on the market.

Suggested Citation

  • Olivier Brandouy & Pascal Barneto, 1999. "Incertitude et fourchettes de prix sur un marché d'enchères:les apports du laboratoire," Revue Finance Contrôle Stratégie, revues.org, vol. 2(3), pages 87-113, September.
    • Handle: RePEc:dij:revfcs:v:2:y:1999:i:q3:p:87-113
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    References listed on IDEAS

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