Which market protocols facilitate fair trading?
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.
|Date of creation:||May 2007|
|Date of revision:|
|Publication status:||Published in A. Consiglio (ed.), Artificial Markets Modeling, Springer, 2007, 81-97|
|Contact details of provider:|| Postal: |
Phone: ++39 041 2346910-6911
Fax: ++ 39 041 5221756
Web page: http://www.dma.unive.it/
More information through EDIRC
When requesting a correction, please mention this item's handle: RePEc:vnm:wpaper:151. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Marco LiCalzi)
If references are entirely missing, you can add them using this form.